CDL Hospitality Trusts reports Q2 DPU of 2.57 cents

Mainboard-listed CDL Hospitality Trusts on Wednesday reported a higher distribution per unit (DPU) for the second quarter ended in June.

It announced a DPU of 2.57 cents for the period, a 36 per cent on-year jump compared to last year’s 1.89 cents.

Distributable income rose by 38.7 per cent on-year to S$24.1 million while net property income increased 49.2 per cent on-year to S$28.7 million.

The Trusts attributed the higher revenue to improved hospitality performance across the portfolio.

Contribution from its recently-acquired Australia Hotels also supported its earnings.

It added that the Singapore hospitality sector continued to see strong growth momentum in the second quarter, on the back of record tourism arrivals.

In the months ahead, CDL Hospitality said the phased introduction of even more attractions by the two integrated resorts and other events will sustain the growth momentum.

With its strategically-located hotels, CDL Hospitality said it is poised to benefit from the increase in demand for hotel rooms.

Source : Channel NewsAsia – 28 Jul 2010

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