CDL Hospitality Trusts posts 15.2% rise in Q2 DPU

Mainboard-listed CDL Hospitality Trusts on Wednesday announced a 15.2 per cent rise in its distribution per unit (DPU) to 2.96 Singapore cents for the second quarter ended June 30.

That is up from 2.57 Singapore cents in the same period last year.

The company said that the improvement was mainly attributed to better gross revenue – which grew 12.6 per cent on-year to S$34.6 million – as well as a one-off property tax refund of about S$3.3 million arising from the revised property tax assessments issued by IRAS in respect of the years 2006 to 2008.

Net property income for the second quarter was S$35.6 million, a 24 per cent increase from last year’s S$28.7 million.

CDL Hospitality Trusts said its overall improvement in performance across its hotels was attributed to the strong growth of 15 per cent in visitor arrivals over the first five months of this year.

Going forward, CDL Hospitality Trusts said that new attractions slated to commence in the second half of 2011 in places such as Resorts World Sentosa will boost visitor arrivals in Singapore.

It added that the completion of the asset enhancement initiatives at CDL’s Orchard Hotel and Novotel Clarke Quay, as well as the completion of the acquisition of Studio M Hotel, will enable it to “further benefit from any increase in accommodation demand”.

Source : Channel NewsAsia – 27 Jul 2011

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