Ascendas H-Trust posts 17.6% rise in income available for distribution Q3

SINGAPORE - Ascendas Hospitality Trust (A-HTRUST) posted a 17.6 per cent year-on-year rise in income available for distribution to S$17.0 million for the third quarter.

This was largely due to absence of costs related to the unwinding of a cross currency swap in the quarter, as well as the inclusion of a portion of proceeds from the June divestment of Pullman Cairns International.

Distribution per stapled security rose 11.5 per cent to 1.45 Singapore cents.

Gross revenue fell 9.5 per cent to S$54.9 million while net property income fell 9.3 per cent to S$23.4 million.

This was due to loss of income from the Cairns hotel, lower contribution from Pullman and Mercure Brisbane King George Square, and the continued weakening of the Australian dollar against the Singapore dollar.

Earnings per stapled security was 0.8 Singapore cents, compared with 0.23 cents a year earlier.

Net asset value was 70 Singapore cents at Dec 31, down from 74 Singapore cents at March 31.

The trust's units closed up one cent to 76.5 Singapore cents on Thursday (Jan 28).

wrennie@sph.com.sg