CDL Hospitality Trusts first-half DPS jumps 67.2% on strong leisure demand

CDL Hospitality Trusts’ The Lowry Hotel in Manchester, Britain. PHOTO: CDL HOSPITALITY TRUST

SINGAPORE (THE BUSINESS TIMES) - CDL Hospitality Trusts' distribution per stapled security (DPS) rose by 67.2 per cent to 2.04 cents for its first half ended June 30, from 1.22 cents a year ago, as leisure demand accelerated incrementally in the second quarter.

The strong demand was seen in hotels in Singapore and Britain, as well as its resorts in the Maldives, where their net property income (NPI) collectively grew by $16.9 million in the half year, the stapled group's manager said in a bourse filing on Friday (July 29).

The manager said a firm recovery is now evident, except for a few regions in the group's portfolio. The Australia and New Zealand portfolio collectively recorded a $4.8 million decline in NPI for the half year.

Gross revenue was up 49 per cent year on year in the first half to $98.6 million from $66.2 million, while NPI grew 37.8 per cent to $51 million, from $39.6 million.

NPI growth for the second quarter itself came in at 55.4 per cent as income jumped to $26.8 million in the period, from $17.2 million over the same period last year.

Apart from the hotels and resorts, the manager said NPI growth was also contributed by Claymore Connect, a retail property under the group's portfolio.

Its NPI grew $1 million in the half year due to continued tenant recovery and the normalisation of Singapore's retail trade, it highlighted.

Stapled securities of CDL Hospitality Trusts closed at $1.35 on Thursday, up three cents or 2.3 per cent before the announcement.

CDL Hospitality Trusts is a stapled group comprising CDL Hospitality Real Estate Investment Trust and CDL Hospitality Business Trust.

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