CDL Hospitality Trust distribution per stapled security down 6.8%

CDL Hospitality Trust distribution per stapled security down 6.8%

    POSTED: 26 Jul 2013 10:35 PM
 
CDL Hospitality Trust's income to be distributed per security fell 6.8 per cent to 2.72 cents in the second quarter from a year ago. This as income available for distribution fell to S$29.4 million, a 6.4 per cent drop from the same period last year.

SINGAPORE: CDL Hospitality Trust's income to be distributed per security fell 6.8 per cent to 2.72 cents in the second quarter from a year ago. This as income available for distribution fell to S$29.4 million, a 6.4 per cent drop from the same period last year.

CDL Hospitality Trust also reports a fall in gross revenue by 2.9 per cent on-year to S$35.6 million in the second quarter. This was largely due to lower gross revenues from its Singapore hotels and exchange losses from a weak Australian dollar.

The REIT manager said in a statement that it expects stiff competition and the weak global economy to continue impacting performance in Singapore and Australia for the rest of the year.

CDL Hospitality Trust owns 12 hotels and one resort. Among the hotels, six are located in Singapore, including Orchard Hotel and Grand Copthorne Waterfront Hotel.

- CNA/ac

- wong chee tat :)