Far East H-Trust sees 9% drop in Q3 DPSS

Rendezvous Grand Hotel Singapore is one of the hotels in Far East Hospitality Trust's portfolio.
Rendezvous Grand Hotel Singapore is one of the hotels in Far East Hospitality Trust's portfolio.PHOTO: FAR EAST HOSPITALITY TRUST

SINGAPORE - Far East Hospitality Trust (Far East H-Trust) reported a 9.1 per cent fall in distribution per stapled security (DPSS) of 1.2 cents for the third quarter ended Sept 30 from 1.32 cents in the year-ago period.

Gross revenue for the quarter declined 4.8 per cent year-on-year to $29.66 million as net property income fell 4.6 per cent to $26.89 million on lower contributions from its hotels and serviced residences.

This sent income available for distribution down 8 per cent lower to $21.57 million.

Said Mr Gerald Lee, chief executive officer of the trust manager: "Our hotels and serviced residences managed to turn in stable occupancies despite the challenging operating environment. Corporate and leisure demand was soft amidst the uncertain global economic climate, the strong Singapore currency and the outbreak of the haze.

"The retail and office spaces in the portfolio continued to provide stable earnings, with year-on-year improvement.

"We believe the initiatives by the Government in strengthening Singapore as a choice destination and aviation hub will benefit the tourism sector and improve the flow of inbound traffic."