CDL Hospitality Trusts increases Q3 DPU

Mainboard-listed CDL Hospitality Trusts (HT) has announced a 9.1 per cent increase in its third quarter distribution per unit to 2.77 cents, up from 2.54 cents in the same period last year.

The increase was attributed to its performance in its hospitality portfolio and contribution from Studio M Hotel acquired in the second quarter of 2011. The latter added S$2.8 million to its gross revenue.

All in, CDL posted a 15.2 per cent rise in its gross revenue of S$36.4 million for the July to September period.

Its net property income rose 12.7 per cent to S$33.9 million from S$30.1 million last year.

CDL HT said its low gearing of 26.5 per cent would also enable it to continue growing its portfolio, and making acquisitions to enhance value for shareholders by capitalising on the uncertain environment.

It added that Singapore will continue to be a key market for the trust.

Source : Channel NewsAsia – 25 Oct 2011

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