Far East Hospitality Trust's NPI climbs 6% to $25.1m on strong hotel growth

The hotel segment posted an 8.4% YoY higher revenue in 1Q24.

The net property income (NPI) of Far East Hospitality Trust (FEHT) rose 6.0% YoY to $25.1m in 1Q24 on the back of higher gross revenue.

In a bourse filing, FEHT said its gross revenue increased 7.5% YoY to $27.1m, driven by the strong growth of its hotels and commercial premises segments.

In 1Q24, FEHT’s hotel segment posted an 8.4% YoY higher revenue of $20.0m. Meanwhile, the commercial premises segment recorded a 10.0% YoY jump in its revenue, to reach $4.4m.

On the other hand, the services residences segment recorded a 2.0% YoY dip in revenue, reaching $2.7m.

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