Thursday, November 5, 2009

Ascott REIT DPU 1.92 Cents (28 Oct 2009)

Below is the report by Ascott Residence Trust on their 3Q results. From the looks of it, QoQ, the revenue, gross profit and DPU has increased. Compared to 3Q 2008, the yield has actually dropped significantly.
Singapore, 28 October 2009 – Ascott Residence Trust (Ascott Reit) achieved a unitholders’ distribution1 of S$11.8 million and DPU of 1.92 cents for the quarter ended 30 September 2009. Ascott Reit’s annualised distribution yield is 6.7 percent2 based on the closing price of S$1.09 per unit on 27 October 2009.
Mr Lim Jit Poh, Ascott Residence Trust Management Limited’s (ARTML) Chairman, said: “The severe challenges posed by the global economic downturn to the hospitality industry have eased. Our 3Q operating performance has shown further signs of stabilisation in hospitality demand. While we remain cautious over the pace and extent of recovery, we are confident of the longer-term growth in the markets in which we operate.”
Mr Chong Kee Hiong, ARTML’s Chief Executive Officer, said, “Ascott Reit’s portfolio operating performance continued to improve in the third quarter of 2009. The better performance was led by revenue per available unit (RevPAU) growth in Japan, Singapore and China of 24 percent, 15 percent and 7 percent respectively in 3Q 2009 compared to 2Q 2009. To ride on the expected upturn in demand as the economy recovers, we have accelerated our asset enhancement initiatives for selected properties. We will also continue to seek yield accretive acquisitions.”
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