CDL Hospitality Trusts has declared a distribution per stapled security of 2.22 cents for 1QFY2016, 9% lower than the DPS of 2.44 cents in 1QFY2015.
For the quarter to March, revenue rose 5.8% to $44.7 million.
Net property income fell 2.3% to $33.7 million, as the Singapore hotels and Maldives resorts experienced a weaker trading environment, and the Australia hotels saw lower rents. That was offset by the contribution from Hilton Cambridge City Centre and higher rents from the New Zealand hotel.
Distributable income fell 8.5% to $21.9 million.
CDLHT says that its operating environment remains challenging as corporate expenditure remains constrained. At the same time, its performance was affected by asset enhancement initiatives at Grand Copthorne Waterfront Hotel and M Hotel, which will complete in 2016 it adds.
CDLHT’s units closed 1.36% lower at $1.46 on Apr 28.
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For the quarter to March, revenue rose 5.8% to $44.7 million.
Net property income fell 2.3% to $33.7 million, as the Singapore hotels and Maldives resorts experienced a weaker trading environment, and the Australia hotels saw lower rents. That was offset by the contribution from Hilton Cambridge City Centre and higher rents from the New Zealand hotel.
Distributable income fell 8.5% to $21.9 million.
CDLHT says that its operating environment remains challenging as corporate expenditure remains constrained. At the same time, its performance was affected by asset enhancement initiatives at Grand Copthorne Waterfront Hotel and M Hotel, which will complete in 2016 it adds.
CDLHT’s units closed 1.36% lower at $1.46 on Apr 28.
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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