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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Ascendas Hospitality Trust’s FY16 net property income tumbles 9.3% to $23.4m

Blame it on flagging AUD, lower contributions.

Ascendas Hospitality Trust (AHT) closed the third quarter of FY16 with a 9.3% crash in net property income to $23.4m.

According to the company's media release, this is on back of several drains on the company’s finances. Firstly, AHT recorded a loss of income from Pullman Cairns International, which was divested in June 2015.

The company also saw lower contribution from Pull and Mercure Brisbane King George Square due to the lack of large-scale events such as G20 Summit held in the corresponding quarter last year, as well as additional competition from new supply of hotel rooms.

Lastly, AHT was impacted the sustained weakening of AUD against SGD. 

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