CDL Hospitality Trusts posts 3.7% lower Q1 DPS at 2.09 cents

SINGAPORE - Total distribution per stapled security (DPS) for CDL Hospitality Trusts (CDLHT) declined 3.7 per cent to 2.09 cents for the first quarter to March 31, from 2.17 cents a year ago.

Total distribution to stapled securityholders, after retention for working capital, stood at $25.3 million, down 3.0 per cent from $26.1 million for the year-ago period.

Revenue shrank 10.6 per cent to $46.3 million for the first quarter, while net property income (NPI) also fell 10.7 per cent to $33.8 million, the group reported on Tuesday (April 30) before the market opened.

The lower NPI was primarily due to downtime at two of CDLHT's properties - Orchard Hotel in Singapore and Dhevanafushi Maldives Luxury Resort in the Maldives - which both had ongoing renovation works.

Interest expense for Q1 rose by $1.3 million, mainly because of additional loans for the acquisition of Hotel Cerretani Florence in Italy, renovation works and higher funding cost.

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

The counter closed up one cent to $1.60 on Monday.