CDL Hospitality Trusts (CDL HT) has reported distributable income of $18.8 million for Q3 2007, up 138.5 per cent from $7.9 million a year earlier and 90.8 per cent higher than its projection.
Revenue was $23.97 million, up 112.9 per cent from $11.3 million previously. And distribution per unit was 2.36 cents, up 108.8 per cent from 1.13 cents.
CDL HT said its hotels put up a strong showing.
Average occupancy rates at the Orchard Hotel Singapore, Grand Copthorne Waterfront Hotel Singapore, M Hotel Singapore and Copthorne King’s Hotel Singapore increased 3.9 percentage points from a year earlier to 89.4 per cent, while the average daily rates increased 21.8 per cent to $201. Revenue per available room (RevPAR) rose 27.4 per cent to $179.
The four hotels achieved combined hotel revenue of $56.4 million and a combined gross operating profit of $28.2 million.Including Novotel Clarke Quay Hotel, which was acquired on June 7 this year, total hotel revenue for Q3 was $65.1 million and gross operating profit $32.4 million.
Combined weighted average RevPAR for the five hotels - including Novotel Clarke Quay Hotel - was $176. The average occupancy rate was 90 per cent.
Vincent Yeo, CEO of M&C REIT Management, manager of CDL HT, said: ‘Even though September’s growth against the previous year was diluted because of the extremely high rates achieved last year due to the one-off International Monetary Fund/World Bank meeting held in Singapore, the third quarter still showed very strong growth rates overall.’
CDL HT said that of the $18.8 million of distributable income, $3.6 million - representing income available for distribution for the period from July 1 to July 18 - has already been distributed. The remaining $15.2 million of income available for distribution will be included in the computation of the next distributable income for the period July 19 to Dec 31.
CDL HT units closed eight cents higher at $2.47 yesterday.
Source : Business Times - 1 Nov 2007