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Ascott Residence Trust’s (Ascott Reit) gross profit rose slightly by three percent to $58.8 million in the third quarter from $57.3 million in the same period a year ago.
At the same time, revenue increased by only two percent to $126.9 million compared to $123.9 million previously.
“Due to greater demand from leisure travellers, Belgium, Spain and the United Kingdom are among our best-performing markets in Q3 2017, with revenue per available unit (RevPAU) increasing by 43 percent, eight percent and five percent respectively,” said Beh Siew Kim, CEO of Ascott Residence Trust Management.
“In Asia, RevPAU for the Philippines climbed 17 percent due to higher demand for the renovated Ascott Makati and Somerset Millennium Makati. RevPAU for Vietnam grew eight percent, contributed by stronger corporate demand for the refurbished apartments at Somerset Ho Chi Minh City.”
However, Ascott Reit’s distributable income fell by six percent to $36.3 million from $38.7 million, while distribution per unit (DPU) slumped by 28 percent to $1.69 from $2.35 previously.
Adjusted for the one-off realised foreign exchange gain as well as the effects of the rights issue last March and the equity placement in March 2016, DPU edged up one percent from $2.15 to $2.18.
Year-to-date, the adjusted DPU rose by five percent to $5.92 from $5.66, while the non-adjusted figure dropped 19 percent from $6.22 to $5.04.
Distributable income for the first nine months of the year also increased by seven percent to $108.3 million versus $101.1 million during the same period in 2016.
Moreover, gross profit over the period inched up by one percent from $164 million to $165.1 million, whereas revenue climbed four percent from $348.8 million to $361.8 million.
In August, Ascott Reit completed the acquisition of its third property in the US, DoubleTree by Hilton Hotel New York – Times Square South, while the purchase of Ascott Orchard Singapore was recently concluded as well.
(Photo: Ascott Residence Trust)
This article was edited by Keshia Faculin.
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