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Frasers Hospitality Trust reports 1.1% dip in DPS for Q1 FY2018

FRASERS Hospitality Trust (FHT) posted a 1.1 per cent year-on-year dip in distribution per stapled security to 1.3107 Singapore cents for the first quarter ended Dec 31, 2017, owing to a higher stapled security base.

FHT is a stapled group comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust.

Gross revenue rose 4.8 per cent year on year to S$41.5 million, while net property income increased 3.1 per cent to S$31.4 million. The increase in both came on the back of better performances in all its country portfolios, except the United Kingdom, said FHT. Distribution income was nearly flat at S$24.4 million despite lower contribution from the Novotel Rockford Darling Harbour (now known as Novotel Sydney Darling Square), which is undergoing renovation. The renovation is on track to finish by Jan 31 this year.

Eu Chin Fen, chief executive officer of the managers, said: "With our balance sheet strength and low gearing at 33 per cent, we remain well-positioned to pursue accretive acquisitions for growth and asset enhancement initiatives to unlock value for our stapled securityholders."

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