CDL Hospitality Trusts’ revenue up 13% to S$38m in 4Q11

Studio M Hotel, which was acquired in 2Q11, accounted for approximately S$2.7 million of the group’s revenue increase.

According to a financial statement, CDLHT registered a gross revenue of S$37.8 million, representing an increase of 13.4% in 4Q 2011. This was attributed to improved hospitality performance across the portfolio and contribution from Studio M Hotel, which was acquired in the second quarter of 2011 and accounted for approximately S$2.7 million of the gross revenue increase. Net property income for the reporting quarter climbed to S$35.5 million, up 12.7% from the corresponding figure in 4Q 2010.

Accordingly, income available for distribution (before deducting income retained for working capital) increased 12.5%, from S$28.0 million in 4Q 2010 to S$31.5 million in 4Q 2011. Income to be distributed per Stapled Security (after deducting income retained for working capital) for 4Q 2011 was 2.94 cents, 5.8% higher than the 2.78 cents reported in 4Q 2010.

For FY 2011, CDLHT attained a gross revenue of S$141.1 million and a net property income of S$135.2 million, a 15.4% and 17.5% increase respectively from the corresponding period in 2010. The improved operating performance was due to organic growth across the Singapore and overseas hotels portfolio, a one-off property tax refund of S$3.3 million recognised in 2Q 2011, and contribution from Studio M Hotel. The results were also boosted by additional variable income of S$0.84 million from the Australia Hotels , which was recognised upon receipt in the first quarter of 2011.

In line with the improved operating results, income available for distribution (before deducting income retained for working capital) increased 17.4%, from S$100.7 million in FY 2010 to S$118.1 million in FY 2011. Income to be distributed per Stapled Security (after deducting income retained for working capital) for FY 201 was 11.05 cents, 8.3% higher than the 10.20 cents reported in FY 2010.

In addition, CDLHT revalued its investment properties as at 31 December 2011 and recorded a net revaluation surplus of S$73.2 million for 4Q 2011 and FY 2011, which was largely attributable to the Singapore Hotels . Net income after revaluation for 4Q 2011 and FY 2011 rose 74.6% and 30.7% year-on-year, to S$101.1 million and S$180.8 million respectively.