CDL Hospitality Trusts’ DPU up 4.1% in Q4

Mainboard-listed CDL Hospitality Trusts has announced a 4.1 per cent on-year increase in its distribution per unit (DPU) to 2.78 cents in the fourth quarter of 2010.

For the full year, the trust said DPU rose 19 per cent to 10.2 cents, compared to the 8.57 cents distributed in the previous year.

It said the increase came on the back of improved hospitality performance in Singapore and contribution from the five Australian hotels it acquired in February last year.

Net property income for the fourth quarter rose 27.3 per cent to S$31.5 million, while distributable income saw a 29.3 per cent jump to S$28 million.

The trust also reported that its three Brisbane-based hotel properties have not been physically affected by the recent floods in Queensland, and are still fully operational.

Going forward, the trust said it is well-poised to ride on the structural boost in demand, following asset enhancement initiatives that were undertaken at some of its Singapore hotels last year.

Source : Channel NewsAsia – 26 Jan 2011

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