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Far East Hospitality Trust 3Q15 DPSS Down 9%
Far East Hospitality Trust reported a 3Q15 Distribution Per Stapled Security (DPSS) of 1.2 cents, down 9.1 percent from the 1.32 cents last year, due to a 10.3 percent drop in income available for distribution with lower revenue being the main reason for the drop.
For the nine months period under review (9M15), gross revenue dropped 6.2 percent to $85.8 million mainly due to reduced revenue contribution from hotels and serviced residences. The weak economic climate, competitive pressure from the new supply of hotel rooms in the market, and the slowdown in arrivals from neighboring countries had impacted the operating performance of the hotel portfolio.
While there may be positive effect on the demand for hotel accommodation from events such as the SEA Games 2015, the effect was to some extent diluted by the subdued visitorship during the first six months of 2015.
The group has also stated that continuing effort by the government and industry players to strengthen Singapore as a choice travel destination are expected to benefit inbound tourism moving forward. Over the next twelve months, major events such as the Singapore Airshow, Food & Hotel Asia, and World Rugby Sevens Series will provide an uplift and ongoing efforts to rejuvenate existing attractions are also likely to further enhance Singapore’s attractiveness as a tourist destination.
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