Frasers Hospitality Trust net property income falls by 40.9%
The company reported a net property income of $26.7m for the first half of the year ending in March 2021.
Uncertainties due to the pandemic hit Frasers Hospitality Trust's (FHT's) net property income, which declined by 40.9% to $26.7m in the first half of 2021, ending in March 31.
Its gross revenue and likewise fell by 36.2% for the first half of the year.
As a failsafe to mitigate more risks brought about by COVID-19, FHT has retained S$5.2 million or 60.0% of income available for distribution (DI) to conserve cash.
"The global resurgence of COVID-19 infections in recent months and concerns over new coronavirus variants have weighed on our portfolio performance as travel restrictions have tightened in many countries. Nonetheless, we remain disciplined in managing our costs and conserving cashflow, while working closely with our operators to pursue alternative revenue opportunities," said FHT CEO Eu Chin Fen in a bourse disclosure.
The company has a portfolio of 15 quality assets in key cities in Australia, Asia and Europe.
It expects domestic tourism to recover faster than international torusim, especially in Australia, Japan and the UK.