SINGAPORE – Ascott Residence Trust recorded a 24 per cent drop in its distribution per unit for Q1 2009 year-on-year, from 2.33 cents to 1.77 cents.

Gross profit for the quarter fell 16 per cent compared to the same period from a year ago, from $23.6 million to $19.9 million.

The trust attributed the lower profit to the economic downturn which had affected the Asian hospitality industry.