Ascendas Hospitality Trust reports 5.5% fall in DPS on absence of proceeds

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Ascendas Hospitality Trust has reported a distribution per stapled security (DPS) of 1.38 Singapore cents for its 2Q 2019, a fall of 5.5% year-on-year.

However, the fall has been attributed mainly to the absence of proceeds from a divestment made in the corresponding quarter of 2018.

Without the effects of the divestment proceeds of SGD1.7 million, the DPS for 2Q 2019 would have been an increase of 4.5%.

Ascendas Hospitality Trust’s net property income (NPI) for the period increased by 3.5% year-on-year on contribution from the three WBF-branded hotels in Japan, and ibis Ambassador Seoul Insadong that were acquired between September 2018 and December 2018.

However this increase was partially offset by the weaker performance of its Australia portfolio, and weaker Australian dollar and Korean Won, against the Singapore dollar.

NPI from its Australia portfolio declined by 13.6% on lower operating performance.

However, its Japanese, South Korean and Singapore NPIs increased by 15.3%, 122%, and 2.9% respectively.

The trust’s overall gearing ratio was at 33.8% as at 30 September 2019, while average interest rate for the quarter was at 1.8%.

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