CDL Hospitality Trusts’ income drops by 0.9% to $31.3m

On back of soft trading in its Singapore market.

The hospitality firm’s net property income fell flattish in 2Qk as its saw trading conditions soften in Singapore and in its Maldives markets.

According to a report by OCBC, it also bucked lower contribution from New Zealand and Australia markets due to local currency weakness.

“2Q16 distributable income after retention and capital distribution fell 0.3% YoY to S$22.1m. Against yesterday's price of S$1.47, CDLHT is currently trading at a blended FY16/17 forecasted yield of 7.0%,” OCBC said.

Meanwhile, DPU fell 0.9% to 2.23 S cents, while gross revenue increased 8.9% YoY to S$42.5m.

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