Ascendas Hospitality Trust's net property income up 9.1% to $25.5m in Q3

Thanks to contributions from the Osaka Namba Washington Hotel Plaza.

Ascendas Hospitality Trust reported that its net property income grew 9.1% year-on-year to $25.5m in the third quarter.

The growth was mainly due to the contribution from Osaka Namba Washington Hotel Plaza, which it acquired in April 2014, as well as the continuing improvement in the performance of its Australia portfolio.

Income available for distribution for the quarter decreased by 12.9% on-year to $14.5m mainly due to the cost of approximately $3m incurred in relation to the unwinding of the AUDSGD cross currency swaps, as well as the continued weakening of the Australian Dollar and Japanese Yen against the Singapore Dollar which weighed on the results.