Company Briefs: Ascendas Hospitality Trust

Artist's impression of Sofitel Sydney Wentworth. PHOTO: FRASERS HOSPITALITY

Ascendas Hospitality Trust

Ascendas Hospitality Trust posted a 17.6 per cent year-on-year rise in income available for distribution to $17 million for the third quarter.

This was largely due to absence of costs related to the unwinding of a cross-currency swap in the quarter, as well as the inclusion of a portion of proceeds from the June divestment of Pullman Cairns International.

Distribution per stapled security rose 11.5 per cent to 1.45 cents. Gross revenue dropped 9.5 per cent to $54.9 million while net property income fell 9.3 per cent to $23.4 million.

Earnings per stapled security was 0.8 cents, compared with 0.23 cents a year earlier. Net asset value was 70 cents at Dec 31, down from 74 cents at March 31.

Frasers Hospitality Trust

Full contribution from Sofitel Sydney Wentworth, which was acquired in July last year, boosted first-quarter earnings at Frasers Hospitality Trust.

Distributable income for the three months to Dec 31 rose 23.2 per cent to $23.7 million, while distribution per stapled security rose 7.5 per cent to 1.72 cents. Net property income rose 16.9 per cent to $26.3 million on the back of a 16.2 per cent rise in revenue to $31.4 million.

Earnings per stapled security was 1.48 cents for the quarter compared with 4.03 cents in the first quarter a year earlier, which had included about 2½ more months. Net asset value per stapled security was 86.03 cents at Dec 31, down from 86.36 cents at Sept 30.

Oxley Holdings

The boutique developer more than doubled second-quarter net profit to $46 million from $22.2 million.

Revenue, however, fell by 25 per cent to $177.8 million for the three months ended Dec 31. This was because its cost of sales fell at a quicker clip, down 39 per cent to $110.7 million.

Revenue was mainly due to the rental income from investment properties and recognition of revenue using the percentage of completion method from sold units in six mixed-residential projects in Singapore.

Earnings per share rose to 1.56 cents from 0.75 cents previously while net asset value per share climbed to 17.99 cents compared with 15.96 cents as at June 30.

The company declared an interim dividend of 0.75 cents a share. It did not pay any dividend in the same period last year.

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A version of this article appeared in the print edition of The Straits Times on January 29, 2016, with the headline Company Briefs: Ascendas Hospitality Trust. Subscribe