Far East Hospitality Trust misses forecasts with Q3 distributable income of $24.2m

Strong competition on hotel room rates led Far East Hospitality Trust to post a distributable income of $24.2 million for the third quarter on Friday.

This was 7.4 per cent less than the $26.1 million that had been forecast.

Revenue for the three months to Sept 30 was $31.5 million, down 9.4 per cent from the expected $34.7 million.

Net property income for same period was $28.5 million, also 9.4 per cent short of the forecast $31.5 million.

Distribution per stapled security (DPS) for the three months ended Sept 30 was 1.41 cents, 7.8 per cent less than the 1.53 cents tipped for the quarter.

Net asset value per stapled security was 95.32 cents as at Sept 30.

There is no comparable period for 2012 as Far East Hospitality Trust was only listed on the Singapore Exchange last August.

Excluding the advanced distribution issued for the period from Apr 1 to Jul 31, Far East Hospitality Trust declared a distribution of 94 cents for the two months to Sept 30. This will be paid out on Dec 18.