City Developments Hospitality Trusts income soars to S$70.1 million

Income available for distribution also increased 14.1% to S$61.2 million.

In a release, CDLHT achieved gross revenue of S$75.1 million in 1H12, a 12.2% increase from the same period last year (“1H 2011”), attributable to improved hospitality performance across the portfolio, the recognition of a full six-month contribution from Studio M Hotel3 and the contribution of variable income from the Australian properties.

Here's more from CDLHT:

Net property income for 1H 2012 increased 12.5% year-on-year to S$70.1 million (excluding the S$3.3 million one-off property tax refund for 1H 20112). In tandem with improved operating results, income available for distribution for the period increased 14.1% year-on-year to S$61.2 million. Income to be distributed per Stapled Security for 1H 2012 was 5.70 cents, a 13.3% increase from 5.03 cents in 1H 2011 (excluding the one-off tax refund).

In 2Q 2012, CDLHT registered gross revenue of S$36.6 million, a 6.0% increase from the previous corresponding period (“2Q 2011”). This was largely driven by a 5.9% growth in RevPAR for the Singapore Hotels (excluding Studio M Hotel3), and a full quarter’s revenue contribution (91 days) from Studio M Hotel as compared to 59 days in 2Q 2011.

Net property income for 2Q 2012 was S$34.1 million, up 5.9% from S$32.2 million in 2Q 2011 (excluding a one-off S$3.3 million property tax refund recognised in 2Q 2011 arising from revised property tax assessments2). Including the one-off tax refund in 2Q 2011, net property income for 2Q 2011 would be higher compared to that achieved in 2Q 2012.

Income available for distribution for 2Q 2012 was S$31.4 million, up 10.8% from S$28.3 million in 2Q 2011 (excluding the one-off tax refund). Including the one-off tax refund in 2Q 2011, income available for distribution for 2Q 2011 would be slightly higher compared to that achieved in 2Q 2012. Income to be distributed per Stapled Security for 2Q 2012 was 2.92 cents, compared to 2Q 2011’s 2.65 cents (excluding the one-off tax refund) and 2.96 cents (including the one-off tax refund).

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