YTL Hospitality REIT Records Half-Year Revenue of RM246 Million & Distributable Income of RM66 Million
Distribution of 1.9387 Sen per Unit Declared
Kuala Lumpur, Wednesday 27 February 2019 - YTL Hospitality REIT recorded revenue of RM246.3 million for the 6 months ended 31 December 2018, compared to RM255.2 million for the previous corresponding 6 months ended 31 December 2017. Net property income increased to RM125.6 million for the 6 months under review over RM122.8 million for the same period last year. Distributable income stood at RM65.8 million for the period under review compared to RM67.6 million last year.
Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, CBE, FICE, Executive Chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, "YTL Hospitality REIT's performance remained sound in the first half of the 2019 financial year. The Trust's Australian Properties registered lower revenue and net property income due to the refurbishment exercise at Brisbane Marriott carried out in the current period, as well as the weakening of the Australian Dollar against the Malaysian Ringgit.
"The Trust's Malaysian Properties saw an increase in revenue and net property income mainly contributed by The Majestic Hotel Kuala Lumpur acquired in November 2017 and the step-up lease rental income of 5% every 5 years from the commencement of the lease agreement for the JW Marriott Hotel Kuala Lumpur. Meanwhile, the Trust's Japanese properties registered higher revenue and net property income due to the acquisition of The Green Leaf Niseko Village in September 2018."
The Board of Directors of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, declared an interim distribution of 1.9387 sen per unit, the book closure and payment dates for which are 13 March 2019 and 29 March 2019, respectively. The total income distribution amounts to RM33.0 million, representing approximately 100% of the total distributable income for the financial quarter ended 31 December 2018.
Please view the Quarterly Report here