2HFY2024 revenue increased by 13.6% y-o-y to $69.2 million while net property income (NPI) grew by 5.5% y-o-y to $47.8 million as the trust saw continued recovery in its overall operating performance.
Except for the UK, which saw a slowdown in market momentum after its post-pandemic recovery, the rest of FHT’s markets reported y-o-y growths in the number of international visitor arrivals and tourists.
In FY2024, FHT’s DPS fell by 7.5% y-o-y to 2.2592 cents. Revenue for the full year increased by 7.6% y-o-y to $132.5 million while NPI grew by 2.1% y-o-y to $92.5 million.
“While the elevated borrowing costs posed challenges, we are encouraged by the continued recovery of the global hospitality sector. We saw strong recovery performances from key markets such as Europe, Malaysia and Japan, and the inclusion of Koto no Hako has also strengthened our portfolio,” says Eric Gan, CEO of the managers.
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“Our focus remains on capital management, operational efficiency, and positioning FHT to capture further growth as global tourism normalises. Moving forward, we will continue to explore ways to enhance the resilience and competitiveness of our portfolio, while delivering value to our stapled securityholders,” he adds.
FHT’s record date is on Nov 20 while unitholders will receive their distributions on Dec 27.
As at 9.30am, units in FHT are trading 0.5 cents higher or 1.18% up at 43 cents.
