Business

Far East H-Trust misses Q2 forecast

Published: 11:01 PM, August 7, 2013
Updated: 11:02 PM, August 7, 2013

SINGAPORE – FAR East Hospitality Trust (Far East H-Trust) announced on Wednesday distribution per stapled security of 1.43 Singapore cents for the second quarter, down 4.7 per cent from its forecast, but up 3.6 per cent from the previous three months.

Far East H-Trust — sponsored by companies under Far East Organization, Singapore’s largest privately held developer by assets — made its trading debut on August 28 last year.

Income available for distribution was 4.1 per cent lower than the forecast at S$23.2 million, but 4.8 per cent higher the first quarter.

Net property income came in at S$26.9 million, down 6.8 per cent from the forecast, but up 3.7 per cent from the first three months.

“Although our performance is behind forecast, we have weathered the challenging operating environment relatively well,” said Mr Gerald Lee, Chief Executive Officer of the REIT Manager. “Our hotels and serviced residences, for example, continue to turn in healthy average occupancies of 87.7 per cent and 91.7 per cent respectively.”