Frasers Hospitality Trust reports 46% y-o-y drop in DPS for 1H21 to 0.179 cents

Frasers Hospitality Trust (FHT) has posted a distribution per stapled security (DPS) of 0.179 cents for the 1HFY2021 ended March, representing a 45.5% drop y-o-y.

Gross revenue dropped 36.2% y-o-y to $39.9 million, as the business continues to be impacted by the Covid-19 situation. Consequently,  net property income (NPI) fell 40.9% y-o-y to $26.7 million.

Distributable income fell 72.7% y-o-y from  $31.6 million to $8.6 million for the period due to the lower NPI and the payment of management fees in cash.