OUE Hospitality Trust property income dips 1.1% to $29.23m in Q4

The retail segment's expenses dragged earnings down.

OUE Hospitality Trust has suffered some headaches in Q4 as its net property income (NPI) dipped by 1.1% YoY from $29.56m to $29.23m.

According to its financial statement, gross revenue rose 1.8% YoY to $33.81m, thanks to the hospitality segment's higher revenue which was offset by lower revenue from the retail segment.

Hospitality segment pertains to the master lease income from the Mandarin Orchard Singapore hotel (MOS) and the Crowne Plaza Changi Airport hotel (CPCA).

MOS recorded a higher revenue per available room (RevPAR) of $225, due to higher average room rates. It also had higher banquet and food & beverage (F&B) sales.

CPCA's RevPAR improved to $176.

Retail revenue fell by $0.1m, due to lower rent of $22.8 psf per month. Rental reversion was negative in the preceding quarters.

However, occupancy rate rose to 96.9%.

Property expenses jumped by 5.4% YoY to $2.78m due to property maintenance expenses, utilities expenses, marketing expenses, land rent expenses and property management fees.

Finance expenses went over 100% from $5.64m to $13.63m due to a one-time writeoff of unamortised debt-related transaction cost and cost of unwinding the interest rate swaps as a result of the refinancing of the term loans and the entering into new interest rate swaps.

Distribution per share (DPS) dipped from 1.36 cents in 4Q2016 to 1.27 cents in 4Q2017, bringing the whole-year DPS to 5.14 cents.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia