Frasers Hospitality Trust’s second-half net profit more than doubles to S$30.9 million

The NPI was boosted by the higher YoY GR and lower operating costs

Frasers Hospitality Trust’s (FHT) net property income for the second half of 2021 more than doubled YoY to S$30.9m from S$14.6m in the same period last year.

FHT’s manager said the growth in the trust’s NPI was due to its higher YoY gross revenue of S$45.6m from S$26 in 2HFY2020; and lower operating cost due to cost management.

The growth in the second half, however, was not able to push FHT’s NPI for the financial year to surpass last year’s record.

Based on the trust’s financial report, its NPI for FY2021 is S$57.6m, which represents a 3.7%y-o-y decline from FY2020’s NPI of S$59.8m.

Due to the lower NPI for FY2021, FHT’s income available for distribution (DI) for the year also decreased YoY by 29.7%.

Approximately 10% of DI or S$2.1 million has also been retained to conserve cash for working capital purposes, FHT’s manager said.

Meanwhile, FHT’s investment portfolio was valued at S$2.25 billion --- S$798.0m belonging to Singapore --- as of 30 September 2021.

‘Singapore portfolio’

Despite a dip in occupancy rate to 79.1%, FHT’s Singapore portfolio still recorded a higher average daily rate (“ADR”) YoY which lifted its revenue per available room (“RevPAR”) by 17.4%.

The manager attributed the increase of RevPAR to InterContinental Singapore which re-secured the Stay-Home facility business from June to September 2021.

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