Ascendas Hospitality Trust posts higher distribution of 1.25 cents per unit

SINGAPORE - Ascendas Hospitality Trust posted a higher distribution per stapled security (DPS) of 1.25 cents for the fourth quarter.

This is up 3.3 per cent from the DPS of 1.21 cents in the same period last year.

For the year, however, DPS fell 8.3 per cent to 5.06 cents.

Net property income for the quarter climbed 2.8 per cent to $22.6 million, as gross revenue rose 1.6 per cent to $54.5 million.

The growth in gross revenue was due to a $10.8 million contribution from its acqusitions of Park Hotel and Osaka Namba, as well as a better underlying performance of its Australia portfolio, said the trust's manager in a statement on Friday.

This was, however, "partially offset by the weaker Australian dollar and Japanese yen against the Singapore dollar".

Earnings per stapled security dropped to 1.29 cents, compared with the 1.52 cents previously, while net asset value per stapled security as at March 31 was at 74 cents, down from the 77 cents as at the same time last year.

Earnings per stapled security for the year was up at 2.58 cents, over the 1.69 cents the year before.

Mr Tan Juay Hiang, chief executive of the trust's managers, noted that Ascendas Hospitality Trust delivered an "encouraging performance" for the year, althought distribution to stapled security-holders was affected by the weakening of Australian dollar (AUD) and Japanese yen against the Singapore dollar (SGD).

"As we continue to face volatility in the currency markets, the completion of the unwinding of the AUD-SGD cross currency swaps in October 2014 will put (the trust) in a better position to face such uncertain ties."

The trust's units closed half a cent up at $0.71 on Friday.