Ascendas Hospitality Trust's property income drops 4.7% to $25.21m in Q3
Earnings were dragged by the weak performance of its Australia portfolio.
Ascendas Hospitality Trust (A-HTRUST) faced a weak third quarter as its net property income (NPI) dipped 4.7% YoY from $26.44m to $25.21m.
According to its financial statement, revenue dipped 1.8% YoY, due to weaker performance from its Australian portfolio. This was dragged further by the weakening of the yen, renminbi, and Australian dollar against the Singaporean dollar.
Overall, it suffered from a net loss of $24.69m in the quarter.
Gross revenue for the Australia hotels dropped 2.1% YoY to $41.1m, due to lower contributions from its conferences and events (C&E) business.
The NPI of its hotels in China remained unchanged at $2m. Meanwhile, NPI of its Japan hotel fell by 5.4%, dragged by a weaker JPY despite an improved performance from Tokyo Big Sight.
Meanwhile, NPI of Park Hotel Clarke Quay in Singapore rose 7.3% YoY to $3.4m.
"The hotel continued to face weak demand from the corporate segment amid a competitive landscape due to additional room supply in the market, but managed to achieve higher RevPAR by increasing its higher yield transient segment," the trust said.
The income to be distributed is $16m, a 13.7% drop from last year.