Frasers Hospitality Trust DPS down 4.3%

FRASERS Hospitality Trust (FHT) posted a 4.3 per cent decrease in distribution per stapled security (DPS) to 1.2542 Singapore cents for the first quarter ended Dec 31, 2018, from 1.3107 Singapore cents a year ago.

Net property income fell 1.2 per cent to S$31.1 million, while gross revenue slid 2 per cent to S$40.6 million.

The declines were mainly due to weaker performance of the Malaysia and Japan portfolios as both The Westin Kuala Lumpur and ANA Crowne Plaza Kobe turned in lower room and food and beverage revenue for the quarter. In contrast, the Australia and UK portfolios performed better year on year as the revenue per available room (RevPAR) of these portfolios improved on the back of higher average daily rate and occupancy.

Income available for distribution decreased 3 per cent to S$23.7 million.

FHT closed flat at S$0.725 before results were out.