Kuala Lumpur, Wednesday 22 November 2017 - YTL Hospitality REIT registered revenue of RM120.5 million for the 3 months ended 30 September 2017, an increase of 19% compared to RM101.1 million for the previous corresponding 3 months ended 30 September 2016, whilst net property income increased 16% to RM55.1 million this quarter over RM47.5 million for the same period last year. Income available for distribution grew to RM33.6 million for the period under review over RM28.9 million recorded in preceding year corresponding quarter, representing an increase of 16%, after adjustment for non-cash items.
Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, CBE, FICE, Chief Executive Officer of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, "YTL Hospitality REIT registered better performance for the first quarter of the 2018 financial year. The Trust's Australian Properties registered a 24% increase in revenue and 26% increase in net property income resulting mainly from higher room sales upon the completion of refurbishment works, as well as the appreciation of the Australian dollar during the current financial quarter. In Malaysia, the additional lease rental income from The Ritz Carlton Suite and Hotel Wings following the completion of refurbishment works contributed to the Trust's improved results, with the Hilton Niseko Village in Japan also continuing to perform well".
The Board of Directors of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, declared an interim distribution of 1.9737 sen per unit, the book closure and payment dates for which are 8 December 2017 and 29 December 2017, respectively. The total income distribution amounts to RM33.6 million, representing approximately 100% of the total distributable income for the financial quarter ended 30 September 2017.
Please view the Quarterly Report here.