Frasers Hospitality Trust posted 5.4% fall in DPS to 1.57 cents after placement of more stapled securities

SINGAPORE (Oct 31): Frasers Hospitality Trust (FHT), the owner and operator of serviced residences and hotels, posted a 5.4% fall in 4Q DPS to 1.57 cents from 1.66 cents a year ago as the number of stapled securities rose 27.4% to 1.84 billion from 1.4 million a year ago.

Gross revenue increased 8.6% to $33.5 million while net property income rose 11.5% to $28.6 million, boosted by the addition of Maritim Hotel Dresden and strong performance of Sydney properties. Distributable income however declined mainly due to the soft performance of Singapore and United Kingdom properties.

For FY16 ended September, FHT’s gross revenue improved 17.1% to $123.6 million, net property income improved 20.6% to $104.2 million while distributable income improved 10% to $84.9 million.

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