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."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Syngenta to withdraw China IPO application on weak market: sources
Chinese firms’ fundraisings in limbo as IPOs scrutinised at home and abroad
China’s Huawei continues rebound with strongest earnings growth since 2019
Hatten Land gets notice of default, letter of demand for RM14 million, appoints financial adviser
ComfortDelGro wins contracts to run buses in Manchester
Sam Bankman-Fried, at sentencing, acknowledges FTX customers have suffered