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.

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