It was another quarter of disappointing financial results for OUE Hospitality Trust. On 7th November 2018, OUE Hospitality Trust announced their 3Q2018 financial results. Despite claims of increasing tourists arrival to Singapore, the financial results was a sea of red.
Net Property Income (“NPI”) for 3Q2018 was $0.4 million lower than 3Q2017 due to lower gross revenue from the properties. Distributable income in 3Q2018 was S$1.3 million lower than in 3Q2017, and Distribution Per Share (“DPS”) for 3Q2018 was 1.28 cents, 5.9% lower than 3Q2017. The manager attributed the lower distribution to mainly the absence of income support for Crowne Plaza Changi
Airport (“CPCA”).
3Q2018 Results 3Q2018
(S$’000) 3Q2017
(S$’000) Change Gross Revenue Hospitality 24,739 25,425 (2.7)% Retail 8,505 8,584 (0.9)% Total 33,244 34,009 (2.2)% Net Property Income Hospitality 22,493 23,009 (2.2)% Retail 6,562 6,455 1.7% Total 29,055 29,464 (1.4)% Distributable Income 23,335 24,678 (5.4)% Distribution ......