YTL Hospitality REIT Registers Half-Year Revenue of RM216 Million
Distributable Income Stands at RM51 Million
Interim Distribution of 1.8697 Sen per Unit Declared
Kuala Lumpur, 12 February 2015 - YTL Hospitality REIT registered revenue of RM215.5 million and net property income of RM104.8 million for the 6 months ended 31 December 2014, approximating revenue of RM217.3 million and net property income of RM104.8 million for the preceding year corresponding period ended 31 December 2013.
Profit before tax decreased by 22.7% to RM26.5 million for the half-year under review, compared to RM34.3 million for the same period last year, which included the reversal of an overprovision of depreciation charges of RM4.1 million on the Trust’s Australian assets. The decrease in profit before tax for the half-year under review moderated to 12.2% compared to the adjusted profit before tax of RM30.2 million for the same period last year (after adjustment for depreciation charges on the Trust’s Australian assets). The decrease in profit before tax in the current financial period was also due to higher interest expense arising from the interest rate hike in July 2014 and foreign exchange losses due to the weakening in the Australian Dollar and the Japanese Yen against the Malaysian Ringgit.
As a result, income available for distribution stood at RM51.1 million for the 6 months ended 31 December 2014 compared to RM55.8 million for the same period last year, a decrease of 8.4%, after adjustment for non-cash items.
The Board of Directors of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, declared an interim distribution of 1.8697 sen per unit, the book closure and payment dates for which are 3 March 2015 and 24 March 2015, respectively. The Trust’s income distribution for the quarter under review amounts to RM24.8 million, whilst the total cumulative income distribution paid and declared for the half-year ended 31 December 2014 is 3.7872 sen per unit, amounting to RM50.2 million, representing approximately 100% of the distributable income for the quarter under review and 98% of the total distributable income for the 6 months to date.
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