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OUE H-Trust posts 9.4% drop in Q2 DPS to 1.06 S cents

OUE Hospitality Trust's (OUE H-Trust) distribution per stapled security (DPS) fell 9.4 per cent year-on-year to 1.06 Singapore cents for the second quarter ended June 30, 2019. 

Gross revenue was down 4.4 per cent to S$29.38 million as both the hospitality and retail segments recorded lower revenue, while net property income (NPI) was 4.5 per cent lower at S$25.31 million. Distributable income clocked in at S$19.44 million, falling 8.6 per cent.

The DPS is payable on Sept 12. 

For the six-month period, DPS worked out to 2.24 cents, down 7.8 per cent, while distributable income fell 7 per cent to S$41.1 million. Gross revenue was 3.7 per cent lower at S$61.08 million, while NPI eased 3.3 per cent to S$52.97 million. 

OUE H-Trust - which is seeking a merger with OUE Commercial Reit - will hold its extraordinary general meeting and trust scheme meeting on Aug 14 to seek approval from its stapled security holders for the trust deeds amendments and the trust scheme.

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The counter closed at 72.5 Singapore cents on Tuesday, down one cent.

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