CDL Hospitality Trusts (CDLHT) has reported a 19.1% q-o-q drop in net property income (NPI) for the 1QFY2021 ended March to $19.8 million as travel restrictions continue to impact its business.
However, NPI grew 1% y-o-y for the quarter, in-line with revenue which grew 2.8% y-o-y to $34 million. The better performance y-o-y is mainly due to stronger contributions from New Zealand and Maldives properties.
Revenue per available room (RevPAR) for New Zealand and the Maldives grew 5.4% and 64.1% y-o-y respectively. The trust recorded sharp declines in RevPAR for the rest of its markets.