Ascendas Hospitality Trust posts 13.1% higher 3Q DPS of 1.64 cents

SINGAPORE (Jan 26): Ascendas Hospitality Trust saw DPS grow 13.1% to 1.64 Singaporean cents in the third quarter ended Dec 31, 2016, compared with a DPS of 1.45 cents a year ago.

This was despite the partial distribution of proceeds from the sale of Pullman Cairns International in the corresponding quarter last year. Excluding the proceeds from divestment, DPS would have been 18.0% higher.

This was mainly due to the higher net property income as well as higher realised foreign exchange gain during the quarter.

NPI grew 12.9% to S$26.4 million (RM81.96 million) in 3Q FY2016/17, compared with S$23.4 million a year ago.

In an SGX filing on Thursday, Ascendas Hospitality Trust’s managers say the overall improvement in portfolio performance was due to stronger year-on-year performance in all countries, with the exception of Singapore.

In addition, Ascendas Hospitality Trust saw improvement in gross revenue and NPI, partially due to the appreciation of the Japanese yen and the Australian dollar.

“We are pleased to deliver a strong set of results to the stapled securityholders this quarter,” says Tan Juay Hiang, CEO of the managers. “The portfolio also benefitted from the earlier asset management initiatives carried out.”

“Looking ahead, while Sydney, Melbourne and Japan markets are expected to remain healthy in the near term, Brisbane and Singapore continue facing headwinds,” Tan adds.

However, Tan notes that Ascendas Hospitality Trust’s various markets are experiencing different cycles, and that it will continue to benefit from its diversified portfolio.

Ascendas Hospitality Trust closed 1 Singaporean cent higher at 72 cents on Thursday. — theedgemarkets.com.sg

from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1052308/ascendas-hospitality-trust-posts-131-higher-3q-dps-164-cents

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