NEWS & PRESS RELEASES
YTL Hospitality REIT's 1st Quarter Revenue Increases 17% to RM131 Million, with Distributable Income of RM27 Million
Kuala Lumpur, Thursday 23 November 2023
YTL Hospitality REIT recorded higher revenue of RM130.9 million for the 3 months ended 30 September 2023, a 17% increase compared to RM112.3 million for the previous corresponding 3 months ended 30 September 2022. Net property income (NPI) increased to RM68.3 million for the quarter under review compared to RM58.1 million for the same period last year, whilst income available for distribution stood at RM26.5 million for the current quarter compared to RM31.0 million for the corresponding quarter last year.
Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, “The increase in revenue was mainly due to better performance of the Australian hotels with international events during the quarter leading to higher average daily room rates and occupancy levels. NPI grew 17% to RM68.3 million, offset by an increase in finance costs resulting from higher interest rates on Australian Dollar-denominated borrowings, which impacted distributable income for the quarter under review”.
Comparison with Preceding Year Corresponding Quarter