Wednesday, April 27, 2011

CDL Hospitality Trusts posts healthy Q1 results

Business Times: Wed, Apr 27
SURGING visitor arrivals and acquisitions helped boost results for CDL Hospitality Trusts (CDLHT) for the first quarter ended March 31. CDLHT - a stapled group made up of CDL Hospitality Real Estate Investment Trust (H-Reit) and CDL Hospitality Business Trust - saw gross revenue jump 21.4 per cent from a year ago to $32.3 million.

It benefited from improved performance at its hotels in Singapore, and a full quarter's contributions from hotels in Australia it bought in February last year. Net property income rose 21.8 per cent to $30.1 million. Income available for distribution to holders of stapled securities (after deducting income retained for working capital) was $22.8 million - up 17.4 per cent. From this, income available for distribution per stapled security was 2.38 cents - 2.6 per cent higher.

CDLHT's hotels in Singapore enjoyed a good first quarter as visitor arrivals continued to grow. The average occupancy rate in Q1 was 85.7 per cent, which not only exceeded last year's 84.3 per cent, but is also the highest recorded for CDLHT in the first quarter of a financial year. The room revenue per available room in Q1 also rose 12.1 per cent year on year to $195.

CDLHT is optimistic about prospects for hotels here. 'Upcoming new tourism demand drivers in 2011 should continue to contribute to accommodation demand in Singapore,' said Vincent Yeo, CEO of H-Reit's manager.

The counter lost one cent on the stock market yesterday to close at $2.04.

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