KUALA LUMPUR (Aug 1): YTL Hospitality Real Estate Investment Trust’s (YTL Hospitality REIT) net property income (NPI) for the fourth quarter ended June 30, 2023 (4QFY2023) rose 5.6% to RM59.94 million, from RM56.76 million a year earlier, on improved performance from its hotel segment.
Also contributing to the higher income and fair value gain on its properties of RM66.69 million, quarterly revenue was 10.47% higher to RM117.56 million from RM106.42 million last year, according to the REIT’s filing with the bourse on Monday (July 31).
The REIT’s income available for distribution during the quarter jumped by over three times to RM42.7 million, from RM17.03 million, due to the rental normalisation following the end of the rental deferral programme on June 30 last year, and the billing of first rental differences in respect of the rental deferral programme.
YTL Hospitality REIT declared a final income distribution of 4.3833 sen per unit in the second half of FY2023, bringing its full-year distribution to 7.44 sen per unit versus 3.95 sen in FY2022.
The REIT’s NPI for FY2023 was RM34.67 million, little changed from RM34.64 million in FY2022, as full-year revenue grew 33.8% to RM486.83 million from RM363.86 million.
On prospects, the REIT expects the hospitality industry to stay relatively buoyant amidst risks of higher inflation, interest rate hikes, and other economic challenges.
“The group is continuously taking steps to proactively manage the business and take necessary actions to ensure its long-term business prospects remain stable.
“Notwithstanding the short term challenges, the manager remains confident of the long term prospects of the hospitality sector,” it said.
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Source: EdgeProp.my
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