FEHT’s income inches up 1.3% to 19.4m in Q1

Thanks to savings in expenses.

Far East Hospitality Trust (FEHT) results were largely muted in Q1. Distributable income for the quarter inched up 1.3% YoY to $19.4m while net property income edged up 0.8% YoY to $24.7m, thanks to savings in expenses.

According to a report by OCBC, gross revenue was unchanged at $27.4m. Distribution per unit (DPU) inched up 0.9% to 1.08 S cents.

Meanwhile, revenue per available room (RevPAR) for the company’s hotels portfolio was unchanged at $141 in Q1. RevPAR for FEHT’s serviced residences portfolio tumbled 8.7% to $188m.

Further, while the biennial Singapore Airshow provided a boost in February 2016, challenges are still on the cards for FEHT as oversupply issues plague the hotel segment.

Moving forward, FEHT remains cautious on the corporate segment, noting the current economic environment as well as the incoming supply of around 2,700 new hotel rooms entering this year.

Net property income increased by 0.8% to $24.7 million and income available for distribution grew 1.3% year-on-year to $19.4 million.

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