CDL Hospitality Trust's net income dipped 9.7% to $20.4m in Q2

Blame it on lower hotel rates.

CDL Hospitality Trust reported that its net income dipped 9.7% year-on-year to $20.4m in the second quarter.

The decline was driven by lower hotel room rates on back of Singapore’s lacklustre tourism scene.

CDLHT’s average revenue per available room (RevPAR) slipped 4.4% year-on-year to $173.

The trust’s distribution per unit (DPU) slipped 10% year-on-year to 2.25 S cents.