Source : Business Times - 23 Jul 2008
Ascott Residence Trust (ART) on Wednesday said that its second quarter distributable income climbed 9.6 per cent to $13.3 million (US$9.83 million), from $12.1 million a year ago. Dividend per unit came to 2.19 Singapore cents, up 9.0 per cent from 2.01 cents for the same period last year.
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ART said that its better performance was due to both organic growth across its portfolio, particularly in Singapore and Vietnam, and contributions from newly acquired properties over the past year. On the back of this, revenue for the second quarter rose 13.1 per cent to $46.0 million.
The trust added that the global financial turmoil triggered by the sub-prime crisis and the reduced credit supply have had some impact on the Asian hospitality industry in the first half of 2008.
‘Should these factors persist, there will be further impact on business travel patterns to the markets we operate in, although the group’s geographical diversity and extended stay business model allow it to mitigate these factors,’ the trust said.
ART will look to emerging markets such as China, Vietnam and India for acquisitions in the future, said Chong Kee Hiong, chief executive of the trust’s management team.
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