Frasers Hospitality Trust posts Q1 DPS of 1.3301 S cents

FRASERS Hospitality Trust on Thursday posted a first-quarter distribution per stapled security (DPS) of 1.3301 Singapore cents, up from 1.2542 cents a year ago, as it recorded better performance across its portfolio.

Distributable income increased 7.4 per cent for the three-month period ended Dec 31, 2019. 

Gross revenue rose 4.3 per cent to S$42.4 million, while net property income climbed 6.8 per cent to S$33.2 million.

The Australia portfolio's gross operating revenue increased 1.9 per cent due to higher food and beverage revenue. Its gross operating profit rose 5.4 per cent due to better cost control on operating expenses. Portfolio occupancy rose to 90.3 per cent from 88.7 per cent a year ago, mitigating the decline in revenue per available room (RevPAR).

The Singapore portfolio saw a 2.6 per cent increase in gross operating revenue and a 2 per cent increase in gross operating profit compared with the year before. A better average daily rate (ADR) and occupancy drove RevPAR higher by 6.9 per cent.

The UK portfolio's gross operating revenue rose 5.5 per cent and its gross operating profit increased 7.3 per cent as it continued to benefit from the weak pound. RevPAR was 4.9 per cent higher due to higher ADR and occupancy.

ANA Crowne Plaza Kobe's gross operating profit rose 13.1 per cent despite a dip in gross operating revenue, due to the streamlining of operations. The Westin Kuala Lumpur performed better due to higher room revenue and a reduction in operating costs.

Total borrowings were S$870 million, with gearing at 35.5 per cent and the weighted average debt to maturity at 4.38 years as at Dec 31, 2019.

The counter closed flat at 71.5 Singapore cents on Thursday.