Far East Hospitality Trust (FEHT) has reported a gross revenue of $30.4 million for the 3QFY2025, 5.7% higher y-o-y.
The growth was supported by contributions from the trust’s newly-acquired hotel in Japan of $2.7 million and higher commercial premises and other income, which rose by 5.1% y-o-y to $4.6 million.
On the other hand, revenue for its Singapore hotels fell by 7.2% y-o-y to $22.9 million while serviced residences revenue also fell by 4.2% y-o-y to $2.9 million.
Net property income (NPI) for the quarter dipped by 1% y-o-y to $25.9 million; finance expenses fell by 27.9% y-o-y to $5.6 million as the average cost of debt eased.
For the 9MFY2025, gross revenue fell by 0.7% y-o-y to $81.9 million while NPI fell by 5.4% y-o-y to $71.6 million.
As at Sept 30, FEHT’s gearing stood at 33.7% while its interest coverage ratio stood at 3.3 times.
See also: Keppel's 9MFY2025 earnings up 5% y-o-y; 'new Keppel' up 25% in same period
In the 3QFY2025, average occupancy for FEHT’s Singapore hotels increased by 1 percentage point y-o-y to 86.5%. The portfolio’s average daily rate (ADR) fell by 5.4% y-o-y to $171 while revenue per available room (RevPAR) fell by 4.3% y-o-y to $148.
The Japan hotel’s RevPAR increased by 13.5% y-o-y to JPY8,409 while gross operating profit was up by 27.2% y-o-y to JPY75.6 million.
Average occupancy for the Singapore serviced residences fell by 0.2 percentage points y-o-y to 87.8%. The portfolio’s ADR fell by 2.8% y-o-y to $270 while revenue per available unit (RevPAU) fell by 3% y-o-y to $237.
Units in FEHT closed 0.5 cents higher or 0.82% up at 61.5 cents on Oct 29.
