Frasers Hospitality Trust has reported a distribution per security of 0.9316 cents for 2HFY2022 ended Sept 30, up 15.9% y-o-y. This lifts full year distribution by 66.4% to 1.6355 cents.
Net property income was up 22.7% y-o-y to $37.9 million while income available for distribution was up 60.2% y-o-y to $19.9 million.
Gross revenue, meanwhile, was up 13.5% y-o-y to $51.8 million - in line with the recovery of the global hospitality sector.
“We remain focused to ride on the recovery trajectory and navigate through the uncertainties ahead as challenges, arising from recessionary risks, elevated inflation, persistent labour crunch, increased energy costs and rising interest rates, continue to weigh on the outlook and in turn, the recovery of FHT’s top and bottom line," says Eu Chin Fen, CEO of the manager.
As at Sept 30, the portfolio was valued at $1.90 billion, and its gearing was 36.4%, below the 50% gearing threshold cap.
The weighted average debt to maturity at 2.0 years and there are no loans due until March 2023. The refinancing of these maturing loans is in progress.
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The distribution will go ex on Nov 11 and payment made on Dec 29.
