YTL Hospitality REIT Records Half-Year Revenue of RM255 Million & Distributable Income of RM68 Million
Interim Distribution of 1.9917 Sen per Unit Declared
Kuala Lumpur, Friday 23 February 2018 - YTL Hospitality REIT registered revenue of RM255.2 million for the 6 months ended 31 December 2017, an increase of 16% compared to RM220.3 million for the previous corresponding 6 months ended 31 December 2016, whilst net property income increased 18% to RM122.8 million for the 6 months under review over RM104.5 million for the same period last year. Income available for distribution grew to RM67.6 million for the period under review compared to RM58.5 million last year, representing an increase of 16%, 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 performed well for the first half of the 2018 financial year. The Trust's Australian Properties recorded a 16% increase in revenue and 20% increase in net property income compared to the same period last year, mainly due to the increase in room sales subsequent to the completion of refurbishment works.
"The Malaysian properties achieved increases in both revenue and net property income of about 16% due to the acquisition of The Majestic Hotel Kuala Lumpur, coupled with increased rental income from The Ritz Carlton Suite and Hotel wings following the completion of refurbishment works. In Japan, Hilton Niseko Village also continued to contribute to the better performance of the Trust."
The Board of Directors of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, declared an interim distribution of 1.9917 sen per unit, the book closure and payment dates for which are 12 March 2018 and 30 March 2018, respectively. The total income distribution amounts to RM33.9 million, representing approximately 100% of the total distributable income for the financial quarter ended 31 December 2017.
Please view the Quarterly Report here.