Eagle Hospitality Trust posted net loss of $12.67m in Q1

The rental receivables from its master lessees in Q1 were fully impaired.

Eagle Hospitality Trust (EHT) recorded a net loss of $12.67m (US$8.89m) in Q1, an announcement revealed. At the same time, net property income (NPI) hit $17.93m (US$12.58m) whilst revenue was at $23.64m (US$16.59m).

Also read: MAS, SGX RegCo look into possible breach of rules in Eagle H-REIT

Property expenses were 13.7% higher than projected, mainly due to property tax expenses. Other trust expenses hit $1.99m (US$1.4m), mainly pertaining to legal fees incurred due to the default under its Master Lease Agreements (MLAs).

Impairment loss on trade receivables and non-trade receivables involved rental receivables from master lessees in Q1 that was fully impaired due to uncertainty on the master lessees’ ability to pay, as well as other receivables that were impaired due to uncertainty on the recoverability.

Further, the revenue was 24.4% weaker than the trust had anticipated, mainly due to a decline in revenue per available room (RevPAR) due to travel restrictions and stay-at-home orders implemented in March.

Because of these impairment losses and the uncertainty on the master lessee’s ability to make rental payments and fulfil its obligations under the MLAs, the trust has no income available for distribution for the period.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia