Frasers Hospitality Trust records 23.2% rise in distributable income in Q1

SINGAPORE - Full contribution from Sofitel Sydney Wentworth, which was acquired in July 2015, boosted first quarter earnings at Frasers Hospitality Trust (FHT).

Distributable income for the three months to Dec 31 rose 23.2 per cent to S$23.7 million, while distribution per stapled security rose 7.5 per cent to 1.72 Singapore cents.

Net property income rose 16.9 per cent to S$26.3 million on the back of a 16.2 per cent rise in revenue to S$31.4 million.

Earnings per stapled security was 1.48 Singapore cents for the quarter, compared with 4.03 Singapore cents in the first quarter a year earlier - which had included about two and half more months.

Net asset value per stapled security was 86.03 Singapore cents at Dec 31, down from 86.36 Singapore cents at Sept 30.

The trust's units closed up 0.5 cents to 72 Singapore cents on Thursday (Jan 28).

wrennie@sph.com.sg