Frasers Hospitality Trust Q2 DPS down 3.6% to 1.33 Singapore cents on enlarged share base

HOTELS and serviced residences owner Frasers Hospitality Trust (FHT) reported a distribution per stapled security (DPS) of 1.33 Singapore cents for its second quarter ended March 31, down from 1.38 cents a year ago.

This was due to a higher number of stapled securities of 1.38 billion at end-March compared with 1.2 billion a year ago.

Net property income rose 17 per cent to S$22.2 million for the quarter compared to a year ago, while gross revenue was up 13 per cent to S$27 million.

The increases were mainly due to the addition of Sofitel Sydney Wentworth to the trust's portfolio since July 2015, partially offset by the weaker performance of its London properties and InterContinental Singapore.

Net asset value per stapled security was 85 Singapore cents at end-March. FHT last traded at S$0.82.