CapitaLand Ascott Trust’s gross profit grew nearly 60% YoY in Q1

New properties’ operating performance led to growth.

Property firm, CapitaLand Ascott Trust (CLAS), posted a higher gross profit in the first quarter (Q1) of 2023, which went up 59% year-on-year due to new properties’ stronger contributions. 

But without new properties’ contribution, the profit still increased by 53%, on a yearly basis. 

The company attributed its stable income due to transient travel as borders reopen.

Amongst CLAS’ key markets, Australia, Japan, Singapore, and the USA performed at 2019 levels or above.

“Japan RevPAU jumped 351% YoY to 105% of same-store pre-Covid levels, following the country’s reopening to independent leisure travellers in October 2022,” said CLAS.