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OUE H-Trust Q4 DPS slips to 1.27 S cents

OUE Hospitality Trust's distribution per stapled security (DPS) slipped to 1.27 Singapore cents from 1.36 Singapore cents in the previous year, the group said in a Singapore Exchange filing on Tuesday evening.

That came as Q4 income available for distribution slid 4.2 per cent to S$23.0 million from the previous year.

For the three months ended Dec 31, gross revenue crept up 1.8 per cent to S$33.8 million from the year-ago period. Net property income slipped 1.1 per cent to S$29.2 million from the previous year.

Its properties include Mandarin Gallery and Crowne Plaza Changi Airport. The hospitality segment posted higher revenue, which was partially offset by the lower revenue from retail segment, the group said.

The group also highlighted in its earnings report that distributable income of S$92.9 million in 2017 was the highest recorded annual distributable income since listing.

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Distribution payment date has been set for Feb 28, with the books closure date set for Feb 7.

"Challenges in Singapore's retail scene remain, with tenants more cautious and taking a longer time to renew or commit to leases. Whilst we continue to explore leasing opportunities to optimise the occupancy of Mandarin Gallery, we remain committed to curating the right tenant mix to retain the mall's positioning as a destination mall," OUE said in its earnings statement.

OUE H-Trust's counter closed 0.5 Singapore cent or 0.6 per cent up at 88.5 Singapore cents on Tuesday.

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