SINGAPORE (Nov 6): The managers of Ascendas Hospitality Trust (A-HTrust) declared a 2.2% increase in distribution per stapled security (DPS) to 2.73 cents for the 1H17/18 ended September, compared to 2.67 cents in the corresponding period last year.
Gross revenue grew 3.7% to $111.9 million in 1H17/18, from $107.9 million a year ago.
In Australia, revenue per available room (RevPAR) grew 3.6% to A$145 ($151) in FY17/18, with average occupancy rate rising 2.7 percentage points to 85.5%.
In China, average occupancy rate dipped marginally to 88.6%. However, average daily rate rose 4.4% to RMB 427 ($87.80), leading to a RevPAR growth of 4.1% to RMB 379.
A-HTrust’s Japan portfolio posted marginal improvement as it continued to benefit from strong inbound arrivals, but was negated by a weaker Japanese yen against the Singapore dollar.
Performance of Park Hotel Clarke Quay in Singapore was stable amid a competitive landscape brought about by a large inventory of rooms.
Net property income dipped marginally by 0.3% to $46.8 million in 1H17/18, from $47.0 million a year ago.
As at end September, cash and cash equivalents stood at $80.0 million.
“Overall, it was an encouraging quarter as the portfolio in all four countries posted growth in underlying revenue,” says Tan Juay Hiang, chief executive officer of the managers. “We will continue to explore opportunities to further improve performance of the portfolio.”
Units of Ascendas Hospitality Trust closed half a cent higher at 88.5 cents on Monday.