Singapore property tax hike dents FHT's 1H24 bottom line

In 1H24, the REIT reported a 1.3% YoY lower NPI.

The increase in Singapore property taxes has negatively impacted Frasers Hospitality Trust's (FHT) net property income (NPI) for the 1H24 period.

In its latest financial statement, FHT reported a 1.3% YoY lower NPI of $44.7m.

Increased labour and utilities costs driven by inflation across FHT's portfolio also affected the 1H24 NPI.

Apart from lower NPI, the REIT also reported declines in its income available for distribution (DI) and distribution per stapled security (DPS).

DI in 1H24 was $23.4m, down 13.7% YoY, whilst DPS dropped 13.7% YoY to $0.010910.

On the other hand, the company recorded a 1.7% YoY higher gross revenue of $63.3m driven by a slight improvement in its hospitality portfolio performance.

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