CDL H-Trust – BT

CDLHT's Q1 distribution per security rises 16.8%

Gross revenue up 19% to $38.4m; NPI rises 19.6% to $36m

CDL Hospitality Trusts (CDLHT) has posted distribution per stapled security of 2.78 cents for the first quarter ended March 31, 2012, up 16.8 per cent from the same year-ago period. The payout is after retaining 10 per cent of income available for distribution as working capital to fund capex on asset enhancement initiatives.

Before deducting income retained for working capital, the Q1 2012 distribution per stapled security is 3.09 cents, up 17 per cent year on year.

The group's Q1 2012 combined weighted average stats for its Singapore hotels excluding Studio M, which was acquired on May 3, 2011, showed that their revenue per available room (RevPAR) and average occupancy rate were also the group's best-ever Q1 performance.

Fuelled by the general increase in visitor arrivals and bolstered by the Singapore Airshow in February 2012, RevPAR for the Singapore hotels excluding Studio M rose 9.3 per cent year on year to $213 in Q1 2012, while their average occupancy rate increased 2.7 percentage points over the same period to touch 88.5 per cent. The average daily rate rose 6.2 per cent year on year to $241.