ARA US Hospitality Trust on Wednesday posted a net property loss of US$2 million and no distributable income for the half year ended June 30, 2020 as earnings took a hit due to the impact of the Covid-19 pandemic.
Listed on the Singapore Exchange on May 9, 2019, the stapled group had expected a half-year net property income of US$29.5 million in its initial public offering forecast. It also anticipated distributable income of US$19.7 million and distribution per stapled security of 3.47 US cents a year earlier.
Gross revenue came in at US$39.3 million for the half-year period, 58.4 per cent lower than its IPO forecast of US$94.5 million a year ago. Portfolio performance in H1 2020 was adversely affected by the Covid-19 pandemic, with a drop in hotel occupancies and temporary hotel closures resulting in significant revenue decline, the managers said.
Meanwhile, gross operating profit stood at US$5.8 million for the half year, falling 84.7 per cent short of its forecast of US$38.1 million. "The Covid-19 outbreak has upended the growth trajectory of the economy and hospitality industry in the US since mid-March 2020," the managers said, adding that travel restrictions and social distancing measures adopted by the government authorities and corporations resulted in significant decline in hotel demand and occupancies.
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