Ascendas Hospitality’s Q3 DPU at 1.77 cents

SINGAPORE - Ascendas Hospitality Trust on Monday reported distribution per unit (DPU) of 1.77 cents for its fiscal third quarter, topping its own forecast by 4.7 per cent, as cost-cutting measures more than offset the lower-than-expected revenue.

The 1.77 cents DPU takes into account the waiver of the sponsor’s distribution. Not accounting for the waiver, the DPU would have been 1.55 cents, or 5.6 per cent above forecast.

The trust, which was listed on the Singapore Exchange last July, said revenue for the three months ended Dec 31 totalled S$51.4 million, or 2.5 per cent below its forecast, hurt by a softening of the Australian economy and a slowdown in corporate activity towards the calendar year end.

Nonetheless, it earned net property income of S$17.1 million, or 4.1 per cent above forecast, and income available for distribution amounted to S$12.5 million, or 3.6 per cent above forecast.

The trust’s portfolio consists of seven hotels in Australia, two in China and one in Japan, offering more than 3,400 rooms in total.