CDL Hospitality Trusts posts Q3 distribution per stapled security of 2.64 cents

CDL Hospitality Trusts has posted a fall in its distributable income for the third quarter ended Sep 30, on the back of lower revenue from its Singapore hotels.

Its distributable income, after deducting income retained for working capital, slipped 2.2 per cent from a year ago to $25.7 million.

Distribution per stapled security fell 2.9 per cent for the period, coming in at 2.64 cents.

Gross revenue was $35.9 million for the quarter, a marginal 0.8 per cent decrease from the $36.1 million reported last year.

CDL Hospitality Trusts said the fall was mainly due to lower gross revenue from its Singapore hotels.

An uncertain global economy led to lower corporate demand, which affected the Singapore hotels' operating performance.

But CDL Hospitality Trusts expects Singapore's hospitality sector to benefit from the Government's plans to further promote the nation as a global meetings, incentives, conventions and exhibitions (MICE) destination.

In particular, the Singapore Sports Hub is slated to open next year and is expected to host some 140 events annually, bringing in a projected 2 to 3 million visitors.

CDL Hospitality Trusts' unit price closed unchanged today at $1.68.