Published:
Far East Hospitality Trust’s net property income slipped 11.3% to $24.5m in Q1
Due to fewer visitor arrivals.
Far East Hospitality Trust posted a net property income of $24.5m in the first quarter, an 11.3% year-on-year decline compared to its NPI of $27.6m in the same period last year.
FEHT attributed its weak results to softer demand on back of the fall in international visitor arrivals.
"The sluggish economic environment has affected corporate travel, while the
strong Singapore Dollar has slowed arrivals from regional markets," said Gerald Lee, Chief Executive Officer of the REIT Manager.
FEHT's gross revenue fell 10.8% year-on-year to $27.4m. Its distribution per stapled security fell 17.7% year-on-year to 1.07 cents.
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