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Frasers Hospitality Trust (FHT) saw its distributable income for Q1 2016 increase 23.2 percent to S$23.7 million from S$19.2 million in Q1 2015.
The trust’s distribution per stapled security (DPS) also climbed 7.5 percent to 1.72 cents from 1.60 cents. Gross revenue was up 16.2 percent to S$31.4 million, while net property income rose 16.9 percent to S$26.3 million.
In an SGX filing, the trust said the strong showing was bolstered by the full contribution of Sofitel Sydney Wentworth as well as the stellar performances of its properties in Japan and Australia.
“We have achieved commendable results in 1Q FY2016 despite challenging operating conditions in some hospitality markets,” said Eu Chin Fen, chief executive officer of the REIT Manager.
“Our properties in Japan and Sydney continue to see high growth and with a well-diversified portfolio, we are better placed to ride out challenges in other weaker markets. The strong contribution of Sofitel Sydney Wentworth acquired in July 2015 showed the value of the acquisition to the existing portfolio.”
Frasers Hospitality Trust is a wholly-owned subsidiary of Frasers Centrepoint Limited. Its current portfolio is valued at approximately S$1.96 billion as at 30 September 2015, with 13 properties located in seven key gateway cities in Asia, Australia and the United Kingdom, including InterContinental Singapore and Fraser Suites Singapore.
Image: InterContinental Singapore. (Source: FHT)
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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