HOTELS & TOURISM | Staff Reporter, Singapore

Frasers Hospitality Trust's profits up 9.8% to $28.64m in Q4

But profits from its Sydney and Singapore declined.

Frasers Hospitality Trust's (FHT) net property income (NPI) rose by 9.8% YoY from $28.64m to $31.46m in Q4.

According to its financial statement, distributable income grew 8.1% YoY from $23.06m to $24.93m. Distribution per unit (DPU) also grew 8.1% YoY from $21.94m to $23.81m.

FHT's Sydney properties recorded a decline of 1.6% YoY in gross operating profit (GOP).

The renovation at Novotel Rockford Darling Harbour (NRDH) has impacted the GOR and GOP, which has offset the growth from the other Sydney properties, FHT said.

Average revenue per available room (RevPAR) for its Australian portfolio dipped 4.9% YoY as refurbishment works on NRDH peaked in August and September 2017, affecting the overall portfolio occupancy.

Meanwhile, the gross profits of the Singapore portfolio declined marginally.

InterContinental Singapore achieved higher RevPAR, on the back of occupancy gains which was offset by a decline in banquet revenue. Fraser Suites Singapore turned in lower profits in this quarter due to continued downward pressure on average daily rate (ADR), FHT said.

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