SINGAPORE (Jan 30): CDL Hospitality Trusts (CDLHT) reported distribution per stapled security (DPS) of 2.77 cents for 4QFY2019 ended December 2019, the same as a year ago.
This brings DPS for FY2019 to 9.02 cents, come 2.6% lower than DPS of 9.26 cents a year ago.
4QFY2019 revenue rose 3.2% to $54.0 million, driven by full quarter contribution from the rebranded Raffles Maldives Meradhoo resort and higher contribution from its Singapore hotels.
The Singapore hotels achieved an occupancy of 87.2%, with a positive y-o-y RevPAR growth of 5.1% – the strongest quarterly y-o-y RevPAR growth since 2012.
Net property income fell 1.2% to $38.0 million, largely due to reduced income from Pullman Hotel Munich. The decline stemmed from the cyclicality in the city’s events calendar, due to the absence of a major congress and trade fair in Germany in October and November 2019 respectively.
As at end-December, cash and cash equivalents stood at $134.9 million.
CDLHT’s overall portfolio valuation increased by 2.3% to $2.85 billion as at Dec 31, 2019.
“In our core Singapore market, it is encouraging to note that our hotels have recorded a second consecutive quarter of year-on-year recovery. A benign supply environment in the next few years and continued expansion plans for Singapore’s tourism and aviation infrastructure are expected to be supportive for the hospitality sector,” says Vincent Yeo, CEO of the managers.
“Aside from continued investment in our Singapore Hotels, we have also been actively implementing asset improvement programs for some of our overseas properties in light of more competitive trading conditions in a few of these markets,” he adds.
Units in CDLHT opened 1.9% lower, or down 3 cents, at $1.58 on Thursday.
