Ascendas HT's 2Q15 income up 6.9% on Osaka Namba Washington acquisition

Its Australia portfolio has also improved.

Singapore’s thriving hospitality and tourism markets are doing hospitality firms a great favor.

Ascendas Hospitality Trust posted gross revenue of S$56.5 million for the second quarter ended 30 September 2014, an increase of 6.5% from the same period last year. This is largely due to the full quarter contribution from Osaka Namba Washington Hotel Plaza (which was acquired on 15 April 2014) as well as improved performance of the Australia portfolio.

In line with the higher gross revenue, net property income (“NPI”) registered year-on-year (“y-o-y”) growth of 6.9% to S$22.8 million in 2Q FY2014/15.

The near term outlook for Singapore’s tourism market is stable as weaker demand from China is partially mitigated by growth in visitors from Southeast Asia and Europe. The long term outlook remains positive given Singapore’s pro-business environment and competitiveness as a MICE venue.