YTL Hospitality REIT Achieves 9-Month Revenue of RM384 Million & Distributable Income of RM101 Million
Distribution of 1.9378 Sen per Unit Declared
Kuala Lumpur, Thursday 24 May 2018 - YTL Hospitality REIT achieved revenue of RM384.4 million for the 9 months ended 31 March 2018, a 13.5% increase compared to RM338.6 million for the previous corresponding 9 months ended 31 March 2017, whilst net property income increased 17.9% to RM190.7 million for the 9 months under review over RM161.8 million for the same period last year. Income available for distribution grew to RM100.6 million for the period under review compared to RM92.0 million last year, representing an increase of 9.3%, after adjustment for non-cash items.
Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, CBE, FICE, Chief Executive Officer of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, "YTL Hospitality REIT's performance remained sound for the first 9 months of the 2018 financial year. The Trust's portfolio in Australia, comprising the Sydney Harbour, Brisbane and Melbourne Marriott hotels, achieved a 12% growth in revenue and a 16% increase in net property income arising mainly from the increase in room sales following the completion of refurbishment works.
"Meanwhile, the Trust's Malaysian properties recorded increases of 21% in revenue and 22% in net property income due to the acquisition of The Majestic Hotel Kuala Lumpur, combined with the increased rental income from The Ritz Carlton Suite and Hotel wings following the completion of refurbishment works. In Japan, Hilton Niseko Village continued to perform well, with a 5% growth in revenue and a 6% growth in net property income." The Board of Directors of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, declared an interim distribution of 1.9378 sen per unit, the book closure and payment dates for which are 8 June 2018 and 29 June 2018, respectively. The total income distribution amounts to RM33.0 million, representing approximately 100% of the total distributable income for the financial quarter ended 31 March 2018. The Trust's cumulative distribution for the 9 months ended 31 March 2018 is 5.9032 sen per unit, totaling RM100.6 million and representing approximately 100% of total distributable income.
Please view the Quarterly Report here.