Nov 1, 2021
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Frasers Hospitality Trust’s distribution per stapled security (DPS) stands at 0.9831 cents, a 24.8% year-on-year decrease.

Stapled group Frasers Hospitality Trust’s (FHT) distribution per stapled security (DPS) for the second half of financial year ended 30 September 2021 declined 24.8% year-on-year to 0.8041 cents.

This was due to a higher retained distributable income of $22.3 million in 1H FY2020, compared to the $4.3 million retained distributable income in 1H FY2021.

Distributable income for 2H FY2021 stood at $12.4 million compared to a negative distributable income of $1.7 million in 2H FY2020.

In 2H 2021, FHT saw its gross revenue jump 75.6% to $45.6 million, while net property income (NPI) more than doubled to $30.9 million.

For the full FY2021, FHT’s gross revenue and NPI declined 3.4% and 3.7% to $85.5 million and $57.6 million, respectively.

FHT attributed the declines to better performance during the first five months of FY2020, “which partially mitigated the adverse impact of the COVID-19 outbreak, whilst the performance for the entire period of FY2021 continued to be impacted by the COVID-19 pandemic”.

With lower NPI as well as the payment of management fees in cash instead of by way of issuance of stapled securities, distributable income for FY2021 fell 29.7% year-on-year to $21 million. This brings the DPS for FY2021 to 0.9831 cents, down 29.7% from the previous year.

Eu Chin Fen, Chief Executive Officer of FHT’s managers, described FY2021 as another challenging year for FHT, with the tourism industry being plagued by concerns over new coronavirus variants.

“Nonetheless, there are encouraging signs of gradual recovery for global travel in recent months, compared to a year ago and we see rising vaccination rates and progressive easing of border restrictions in the countries where we are operating. In the second half of FY2021, all country portfolios’ gross operating revenue saw better year-on-year performance,” she said.

“As governments gradually re-open their economies, we expect domestic tourism to rebound first and this will benefit our assets in Australia, Japan and the UK which have sizeable domestic tourism markets. Our teams in these markets are preparing for the wider recovery when it comes.”

And while the risk from a resurgence in COVID-19 infections continues to be a threat, she believes that FHT is “well placed to capture the upside when the market recovers, with its portfolio of quality assets”.

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:

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