Frasers Hospitality Trust reported Friday its fiscal first half net property income rose 18.4 percent on-year to S$31.7 million despite the pandemic continuing to impact performance on lower operating costs.
Gross revenue for the six months ended 31 March 2022 came in at S$44.1 million, up 10.4 percent on-year, on improved performance despite the Omicron Covid-variant impacting the fiscal second quarter, the REIT said in a filing to SGX.
The distribution per stapled security (DPS) for the fiscal first half was 0.7039 Singapore cent, jumping from 0.1790 Singapore cent in the year-ago period.
“While the ongoing pandemic continues to affect the travel and hospitality industry, FHT saw improvements in its operating environment in 1H FY2022 following the relaxation of travel restrictions and widespread vaccination, compared to the same period a year ago when many countries remained under tight travel restrictions which had dampened global travel demand,” the REIT said in the statement.
“The recovery pace continues to vary across geographies and FHT has observed a gradual uptick in demand and performance in some markets,” the REIT said.
FHT said it retained around 10 percent of distributable income, or around S$1.5 million, for working capital purposes due to continuing uncertainties over the pandemic and political instability due to Russia’s invasion of Ukraine.