Ascendas Hospitality Trust's Q1 distribution per stapled security up 1.6%

SINGAPORE - Ascendas Hospitality Trust (A-HTrust) delivered a 1.6 per cent rise in distribution per stapled security to 1.31 cents for the first quarter.

Income available for distribution climbed 1.8 per cent to S$14.7 million, thanks to lower financing costs, but this was partially offset by a slightly higher amount of income retained.

Net property income for the three months to June 30 dipped 1.5 per cent from a year earlier to S$22.3 million due to lower contribution from hotels in its Australia and Singapore portfolios.

"Novotel Sydney Parramatta, and Pullman and Mercure Brisbane King George Square were affected by increased competition and weaker demand for events. There were also fewer conferences held in Pullman and Mercure Melbourne Albert Park," its trust manager noted.

Park Hotel Clarke Quay in Singapore also posted a decline in performance due to an increase in room supply and soft corporate demand.

First quarter revenue rose 2.2 per cent to S$53.5 million, boosted by the appreciation of the Australian dollar against the Singdollar.

Quarterly earnings per stapled security rose to 0.52 Singapore cent from 0.38 Singapore cent a year earlier, while net asset value per stapled security shrank to 89 Singapore cents as at June 30 from 92 cents at the end of March.

A-HTrust units closed half a cent lower at 84 cents before the results were reported.