Singapore-listed Hospitality REIT CDL Hospitality Trusts (CDLHT) (SGX:J85) registered gross revenue of S$37.9 million for its 1Q 2013, representing a 1.3 percent dip as compared to the S$38.4 million recorded in the corresponding period for 2012.

CDL Hospitality Trusts is a stapled group consisting of  CDL Hospitality REIT and  CDL Hospitality Business Trust

In tandem with weaker gross revenue figures, Net Property Income (NPI) for 1Q 2013 fell 2.1 percent year-on-year to S$35.3 million. Accordingly, income available for distribution also fell 2.8 percent from S$29.8 million a year ago to S$29.0 million in 1Q 2013. This translates to a Distribution per Unit (DPU) of 2.69 cents, a fall of 3.2 percent from the corresponding quarter's DPU of 2.78 cents in 2012. Annualized DPU therefore stands at 10.91 cents per unit, a fall of 2.4 percent from the previous year when the DPU paid was 11.18 cents.

CDLHT has attributed the weaker numbers to lower gross revenue from its Singapore properties. The average occupancy rate for the Singapore hotels fell 1.2 percentage points year-on-year to 87.0 percent in 1Q 2013, while the average daily rate fell 6.8 percent to S$219. Consequently, RevPAR for the Singapore hotels declined 7.9 percent year-on-year to S$191 for the quarter.

However weaker performance by its Singapore properties were mitigated by higher revenue from the overseas properties, including the receipt of a full year’s variable income of S$2.0 million (A$1.6 million) from the Australia Hotels as compared to the S$1.8 million (A$1.3 million) recognized in the same period last year, as well as a S$1.2 million revenue boost from the recently acquired Angsana Velavaru resort in the Maldives.

In particular, Angsana Velavaru has performed well since its acquisition was completed in January, registering a year-on-year RevPAR growth of 28.5 percent or US$105 to US$474 for the two months ended 31 March 2013.

Going forward, CDLHT remains positive on the long term prospects of the Singapore tourism industry. However it has indicated that in the near term, its performance may be affected by the uncertain global economic environment particularly in Europe and the additional hotel rooms supply that has come online.

"In general, the hospitality sector in Singapore has become more competitive due to additional room supply, as well as weaker overall demand for meetings and conferences as many companies globally exercise more restraint in corporate travel", said CDLHT in an official statement.

Units of DDLHT closed the trading week flat at S$2.05 on the Singapore Exchange.