Frasers Hospitality Trust reported a DPU of 1.66 cents for the 4Q ended Sept. This is 1.2% lower than its forecast of 1.68 cents.
Distributable income was 2% lower than forecast at $22.5 million due to a higher proportion of fixed-rate borrowings in the quarter which resulted in higher interest expenses.
However, gross revenue and net property income outperformed forecast by 1.5% at $30.8 million and 3.0% at $25.7 million respectively from strong performances reported by the Japan, Australia and UK properties.
For its maiden FY2015, DPU came in 2.6% higher than forecast at 7.56 cents.
Manager Frasers Hospitality Asset Management says gross revenue and NPI of the Singapore property portfolio were 12.0% and 14.0% lower than forecast respectively.
While Fraser Suites Singapore performed in line with forecast from high occupancies achieved in the reporting quarter, InterContinental Singapore’s performance was softer than forecast as more rooms were taken out of inventory than previously forecasted during the on-going renovation.
GR and NPI of The Westin Kuala Lumpur were 16.0% and 18.0% lower respectively compared to its forecast.
In Japan, gross revenue of the ANA Crowne Plaza in Kobe exceeded forecast by 14.% at JPY317.2 million ($3.7 million). NPI was 17.0% higher at JPY259.5 million.
In the UK, strong occupancies from corporate and leisure travel at the six properties led overall GR and NPI to exceed forecast by 8.0% and 13.0% respectively.
At 9.19am, Frasers Hospitality Trust is up 0.65% at 77 cents.
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Distributable income was 2% lower than forecast at $22.5 million due to a higher proportion of fixed-rate borrowings in the quarter which resulted in higher interest expenses.
However, gross revenue and net property income outperformed forecast by 1.5% at $30.8 million and 3.0% at $25.7 million respectively from strong performances reported by the Japan, Australia and UK properties.
For its maiden FY2015, DPU came in 2.6% higher than forecast at 7.56 cents.
Manager Frasers Hospitality Asset Management says gross revenue and NPI of the Singapore property portfolio were 12.0% and 14.0% lower than forecast respectively.
While Fraser Suites Singapore performed in line with forecast from high occupancies achieved in the reporting quarter, InterContinental Singapore’s performance was softer than forecast as more rooms were taken out of inventory than previously forecasted during the on-going renovation.
GR and NPI of The Westin Kuala Lumpur were 16.0% and 18.0% lower respectively compared to its forecast.
In Japan, gross revenue of the ANA Crowne Plaza in Kobe exceeded forecast by 14.% at JPY317.2 million ($3.7 million). NPI was 17.0% higher at JPY259.5 million.
In the UK, strong occupancies from corporate and leisure travel at the six properties led overall GR and NPI to exceed forecast by 8.0% and 13.0% respectively.
At 9.19am, Frasers Hospitality Trust is up 0.65% at 77 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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