Far East Hospitality Trust’s net property income down 1.2% in Q3

Its DPU dipped 6.4%.

Far East Hospitality Trust reported disappointing results in Q3. Its net property income slipped 1.2% year-on-year to $28.2m, while its DPU dipped 6.4% year-on-year to $1.32 cents.

According to OCBC, the decline can be attributed to the weaker performance in its hotel portfolio as the average daily rate slipped 4.8% YoY to S$183, although occupancy inched up by 0.8 ppt to 87.1%.

“Looking ahead, the lacklustre international visitor arrivals and expected increase in supply of new rooms coming into the Singapore market in 2015 could pose headwinds to FEHT’s prospects,” stated OCBC.

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