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Frasers Hospitality Trust declares DPS of 1.3258 cents on the back of Oct rights issue

PC Lee
PC Lee • 2 min read
Frasers Hospitality Trust declares DPS of 1.3258 cents on the back of Oct rights issue
SINGAPORE (Jan 26): The manager of Frasers Hospitality Trust has declared a DPS of 1.3258 cents for the 1Q17 ended Dec which is 18.9% lower than a year ago.
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SINGAPORE (Jan 26): The manager of Frasers Hospitality Trust has declared a DPS of 1.3258 cents for the 1Q17 ended Dec which is 18.9% lower than a year ago.

This came on the back of an enlarged stapled security base from the rights issue in October.

Gross revenue and net property income (NPI) for the first quarter rose 26.1% and 15.9% year-on-year to $39.6 million and $30.5 million respectively.

Distribution income for the quarter was, in fact, up 3.1% y-o-y to $24.4 million.

The higher gross revenue, NPI and distribution income for 1Q17 was boosted by the addition of Novotel Melbourne on Collins and Maritim Hotel Dresden as well as the better performance of the Sydney properties and ANA Crowne Plaza Kobe.

In 1Q FY2017, the Australia portfolio recorded a significant increase of 31.6% in both gross operating revenue and gross operating profit.

These were partially offset by the soft performance of Singapore, UK and Malaysia properties.

As at end Dec, FHT’s total debt was $792.8 million, with gearing at 33.7% and the weighted average years to maturity at 2.09 years.

In its outlook, FHT’s manager says the Australian hospitality market looks strong, with further strengthening of RevPAR expected as demand continues to outstrip supply growth.

Meanwhile, the outlook for the UK is less transparent due to the knock-on economic effects that the invoking of Article 50 could have on the market.

The Japanese tourism market in the short term is also likely to be supported by the weaker currency, which tends to deliver benefits for the hotel sector.

Units of Frasers Hospitality Trust last traded at 66 cents.

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