Distribution to stapled security holders drops 8.7% to S$36 million from S$39.5 million
[SINGAPORE] Far East Hospitality Trust (FEHT) posted a 9.2 per cent fall in distribution per stapled security (DPS) to S$0.0178 for its first half ended June, from S$0.0196 in the previous corresponding period.
Distribution to stapled security holders dropped 8.7 per cent to S$36 million from S$39.5 million in the year-ago period.
H1 net property income declined 7.7 per cent on the year to S$45.6 million from S$49.5 million, driven mainly by lower revenue and higher property-related expenses.
Revenue was down 4.2 per cent at S$51.6 million from S$53.8 million previously, mainly due to softer performance from the Singapore hotels and serviced residences.
Its managers noted that this was partially mitigated by higher revenue from its commercial premises and the S$1.6 million maiden contribution from Four Points by Sheraton Nagoya, FEHT’s first overseas acquisition.
Income available for distribution stood at S$30.9 million, 8.9 per cent lower than the S$33.9 million in H1 2024.
Stapled securities of FEHT ended Tuesday 0.8 per cent or S$0.005 lower at S$0.61.
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