CDL Hospitality Trusts posts rise in distribution for Q4 2013

CDL Hospitality Trusts said on Wednesday it will pay out a distribution of 2.92 cents per stapled security for the three months to Dec 31 last year, a 0.7 per cent rise over the same quarter a year ago.

The Singapore-listed stapled trusts, comprising CDL Hospitality Real Estate Investment Trust and CDL Hospitality Business Trust, posted $31.6 million in income for distribution for the quarter, 1.3 per cent higher than the previous year.

Net property income climbed 2.5 per cent in the period to $36.5 million, while revenue rose 2.8 per cent to $39.4 million.

For the full year, net property income slid 1.4 per cent to $137.4 million and revenue dipped 0.5 per cent to $149.5 million.

The group said that a strong contribution from Angsana Velavaru Maldives, which it bought on Jan 31 last year, helped to offset the overall weaker performance of its Singapore and Australia hotels.

Its Singapore hotels had an average occupancy rate of 87.4 per cent last year, lower than the 88.7 per cent average occupancy in 2012.

It added that Orchard Hotel Shopping Arcade posted lower revenue because the mall was closed for upgrading in December last year. The works are expected to take up to 12 months and the mall will be renamed Claymore Link.

Mr Vincent Yeo, chief executive of the stapled trusts' managers, said that the group would "continue to actively seek yield-accretive acquisition opportunities in the hospitality sector".

CDL Hospitality Trusts units were two cents higher at $1.61 as at 10.30am on Wednesday.

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