OUE Hospitality Trust’s net income up 9.7% to $20.8m in Q4

On back of higher revenue from Mandarin Orchard.

OUE Hospitality Trust reported that its net income jumped 9.7% year-on-year to $20.8m in the fourth quarter, on back of higher revenue from Mandarin Orchard Singapore. 

OUEHT reported that both its hospitality and retail segments posted higher revenue in the quarter, with gross revenue up 4.8% to $30.4m.

Mandarin Orchard Singapore reported a 4.5% increase in revenue due to higher master lease income as the hotel recorded higher revenue per available room of $255 in the quarter as compared to RevPAR of $249 in 4Q 2013.

The higher RevPAR was attributed to both higher occupancy and room rates. The hotel also recorded better food and beverage sales from higher patronage.

Retail revenue was 5.4% higher year-on-year mainly due to higher rental rates and income earned from leasing of advertising and outdoor space. The mall recorded an effective rent per square foot per month of $23.6 for 4Q 2014 and $23.1 for 4Q 2013.