Company Briefs: Ascendas Hospitality Trust

Ascendas Hospitality Trust

Ascendas Hospitality Trust (A-HTrust) posted 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 $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 to $22.3 million, due to lower contribution from hotels in its Australia and Singapore portfolios.

Revenue rose 2.2 per cent to $53.5 million, boosted by the appreciation of the Australian dollar against the Singdollar.

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

First Ship Lease Trust

First Ship Lease Trust (FSL Trust) sank into the red in the second quarter as an impairment charge of US$24.1 million (S$32.8 million) on eight vessels took a toll on its bottom line.

Net loss for the three months to June 30 was US$21.8 million, reversing the US$5.5 million profit a year ago.

Revenue was down 17.4 per cent year-on-year to US$20.9 million, due to the "dry-docking of two crude oil tankers... and softening rates across all shipping markets", the trust manager said yesterday.

Quarterly loss per unit was 3.42 US cents, overturning the earnings per share of 0.86 US cent previously.

Net asset value per unit dipped to US$0.36, compared with US$0.39 at Dec 31.

Dairy Farm International Holdings

Supermarket operator and retailer Dairy Farm International Holdings posted stronger earnings in the first half, thanks partly to better performances from Yonghui supermarkets in China and Maxim's restaurants in Hong Kong.

Underlying net profit for the six months to June 30 was up 6 per cent at US$211 million (S$287 million). Sales - including those of associates and joint ventures - rose 3 per cent to US$10.4 billion.

The firm noted that strong results from Yonghui and Maxim's, as well as the health and beauty, and home furnishing divisions more than mitigated the lower earnings in the food division. Underlying earnings per share for the first half was 15.63 US cents, up from 14.74 US cents previously.

A version of this article appeared in the print edition of The Straits Times on August 04, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe