SINGAPORE (Aug 1): OUE Hospitality Trust (OUE H-Trust) has declared a distribution per stapled security (DPU) of 0.92 cents for 2Q16, 39.5% lower from 1.52 cents a year ago.

Revenue fell by 9.2% to $26.9 million in the second quarter ended June, from $29.6 million in the preceding year while Net Property Income (NPI) dropped 10.2% to $23.2 million, as a result of lower revenue from both the hospitality and retail segments.

Retail revenue for 2Q16 was $1.4 million lower on a y-o-y basis mainly due to lower average occupancy rate and landlord fit-out periods for incoming tenants while Hospitality revenue was $1.3 million lower than a year ago due to lower master lease income from both Mandarin Orchard Singapore (MOS) and Crowne Plaza Changi Airport (CPCA).

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