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Far East Hospitality Trust's DPS down 4% for Q2

FAR East Hospitality Trust's (Far East H-Trust) distribution per stapled security fell 4 per cent to 0.97 Singapore cent for the second quarter in 2017.

Net property income was down 1.4 per cent to S$23.15 million, while gross revenue slipped one per cent to S$25.88 million year-on-year due to lower master lease rental from the hotels and serviced residences.

Income available for distribution fell 1.9 per cent to S$17.93 million for the period.

Revenue per available room for its hotels fell 1.3 per cent while revenue per available unit for its serviced residences fell 5.7 per cent.

Far East H-Trust expects the operating environment to remain competitive in the next few quarters as demand for accommodation from the corporate segment continues to be soft.

Its serviced residences, which mainly serve corporations, are expected to be impacted to a larger extent compared with the hotels, said Far East H-Trust.

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