Frasers Hospitality Trust posts 1.72 cents in Q1 DPS

FRASERS Hospitality Trust (FHT) reported a distribution per stapled security (DPS) of 1.72 cents for the fiscal first quarter ended Dec 31, 2015, thanks to full contribution from Sofitel Sydney Wentworth that was acquired in July 2015.

This represented a 7.5 per cent increase from an estimated DPS of 1.6 cents for the same period last year based on a pro-rata basis for comparative purpose. FHT had reported its financials for an actual 171-day period from July 14 to Dec 31, 2014.

FHT achieved gross revenue of S$31.38 million and net property income of S$26.33 million for the fiscal first quarter, on the back of sterling performances by its Japan and Australian properties.

Eu Chin Fen, CEO of the Reit manager, noted that the results were commendable in view of challenging operating conditions in some markets.

"Our properties in Japan and Sydney continue to see high growth and with a well-diversified portfolio, we are better placed to ride out challenges in other weaker markets. The strong contribution of Sofitel Sydney Wentworth acquired in July 2015 showed the value of the acquisition to the existing portfolio."