Acrophyte Hospitality Trust’s gross revenue dips by 3.9% YoY

Gross operating profit and net property income were lower at $61.2m and $44.7m, respectively.

Acrophyte Hospitality Trust (ACPH) has recorded a gross revenue of $171.1m (US$129.4m) for the third quarter ended 30 September 2024 (Q3 2024), down by 3.9% year-on-year (YoY).

As compared to the same period last year, the gross operating profit (GOP) and net property income (NPI) were lower at $61.2m (US$46.3m) and $44.7m (US$33.8m), respectively, due to the absence of contribution from three disposed properties and lower revenue contribution from hotels affected by asset enhancement initiatives (AEI).

“Our operational performance in the third quarter of 2024 was affected by dislocation due to the AEI projects at six of our higher-performing hotels and disposition of three hotels,” said Lee Jin Yong, CEO of the Managers.

GOP margin remained constant at 35.8% in Q3 2024 from 36.2% from the previous year due to cost containment measures.

($1 = US$0.76)