Ascendas Hospitality Trust has reported a 9.7 rise in gross revenue to S$52.9 million for the fourth quarter ended March 31.
Net property income rose 19.3 per cent to $22 million. The income growth was attributable to the improved performance of the Australia portfolio and new income contribution from Park Hotel Clarke Quay, which was acquired in June 2013.
However, the performance was affected by foreign exchange movements in the Australia dollar and Japanese yen.
Income available for distribution declined by 7.5 per cent to $12.5 million. This was largely due to the $2 million cost incurred for partially unwinding the cross-currency swaps for the Australia portfolio.
Accordingly, distribution per security slumped by 28 per cent to 1.21 cents.
Average occupancy the trust's Australia hotels climbed by 3.1 percentage points to 83.8 per cent while the average daily rate rose by 7.4 per cent to A$174.
As a result, the revenue per available room (RevPar) increased by 11.5 per cent for the quarter. For the full year, the average occupancy remained high at 81 per cent.
Average daily rate increased by 3.7 per cent to A$168 and RevPar was up 4.6 per cent at A$136.