OUE Hospitality Trust's distributable income up 19.1% for Q1

OUE Hospitality Trust's (OUE H-Trust) distributable income rose 19.1 per cent from S$19.7 million for Q1 2016 to S$23.5 million for the first quarter of 2017 ended March 31, the group reported on Thursday.

Revenue also increased by 6.4 per cent to S$32.1 million from S$30.1 million in the corresponding quarter of 2016 for the stapled group, which comprises OUE Hospitality Real Estate Investment Trust and OUE Hospitality Business Trust.

OUE H-Trust attributed the rise to increased contribution from an enlarged Crowne Plaza Changi Airport and higher occupancy at the Mandarin Gallery.

Earnings per stapled security dropped to 1.04 Singapore cents from 1.26 cents in the previous year. Each stapled security in OUE Hospitality Trust comprises one unit in each of the two component trusts and cannot be traded separately. The group will distribute 1.3 Singapore cent per stapled security for the quarter.