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SINGAPORE – Frasers Hospitality Trust's third-quarter distribution fell 9.3 percent year-on-year to 1.1226 cents as a result of weak properties in Australia and Malaysia, announced late Thursday (July 26). net income from goods fell 2.8% to $ 28.5 million for the quarter ended June 30, with gross receipts falling 1.8% to $ 38.2 million [19659002]. $ 87.7 million while gross revenues remained stable at $ 117.2 million. The nine-month distribution by stapled title fell 5.9% to 3.5459 cents
Malaysia's gross operating profit fell 35.7% to RM 4.8 million for the Portion of Real Estate Investment Trust (Reit) Australian Reit's gross operating profit rose 0.3 percent to $ 8.9 million, the trust said. The share of commercial trusts decreased by 17.8% to A $ 3.8 million. The trust attributed the poor performance of the Australian portfolio to a more competitive business environment in Sydney. However, the Novotel Sydney Darling Square recorded a better performance from one year to the next, thanks to the return of its full inventory after the completion of the renovations.
The trust provides for stable occupancy and increases in average daily rates to support disposable income. the growth of rooms in Sydney, but sees an overabundance of new offers in 2018 and 2019 expectations of inhibition for the Melbourne market.
Hotel room rates in Kuala Lumpur are expected to remain stagnant in the near future due to the new offer.
We will continue to work closely with the respective property operators to strengthen our competitiveness and drive revenue growth. We remain focused on pursuing acquisition opportunities to support earnings growth and create value for our stapled security holders. Fen, Managing Director of the Trusted Manager.
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