CDLHT's net property income grows 6.4% to $35.9m

Thanks to the strong contributions from the New Zealand Hotel.

CDL Hospitality Trusts posted an increase in the overall headline and bottom line for the past quarter which ended in March.

For the said quarter, its revenue increased by 3.9% to $46.4m whilst its net property income improved by 6.4% to $35.9m.

The strong results were driven by strong earnings growth from its New Zealand Hotel. However, lower contributions from the Japan Hotels and Maldives Resort, as well as the decline in variable rent from its Australian Hotels, stopped NPI from growing any further.

More so, whilst the United Kingdom Hotel clocked a 17.9% YoY increase in RevPAR in GBP terms, its contribution in SGD recorded a marginal decline due to negative currency translation.

CDLHT's DPU went up 9% to 2.42 S cents.