CDL Hospitality Trusts’ DPU up 41.8% for first nine months

CDL Hospitality Trusts posted a 41.8 per cent increase in income available for distribution to 8.82 Singapore cents per unit for the first nine months of 2008, compared to the same period in 2007.

At the same time, revenue grew 38 per cent to S$86.5 million.

Its net property income of S$27.3 million for the third quarter was up 20.7 per cent from S$22.6 million a year ago, while gross revenue grew 21.3 per cent to S$29.1 million.

However, CDL saw a 4.4 percentage point decrease in average room occupancy across its hotels to 85.5 per cent in the third quarter ended September.

The trust said this was in line with the slowdown in Singapore’s tourist arrivals and the flagging economic outlook around the world.

Given the tougher operating environment, CDL said that it will look to improve efficiency and conserve cash over the next six months.

It said it is confident of refinancing a S$220 million facility, which expires in July 2009.

Source : Channel NewsAsia – 29 Oct 2008

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