CDL Hospitality Trusts (CDLHT) has announced that its net profit in the second quarter surged 49.2 percent to $28.70 million, primary attributed to the higher occupancies, room rates and contributions from its recently acquired hotels in Australia.
CDLHT said it saw a 45.4 percent increase in room revenue per available room in its Singapore hotels, up from $134 to $195 in Q2. Occupancy rate also climbed 13.1 percent to 88.5 percent from 75.4 percent.
“The continued recovery in regional economies and the opening of the Integrated Resorts have led to strong demand for travel into Singapore,” said Mr Vincent Yeo, chief executive of M&C REIT.
“CDLHT experienced high occupancies of 88.5 per cent in 2Q 2010, exceeding previous Q2 peaks since the inception of the CDLHT while achieving strong rate increases,” added Mr. Yeo.
Furthermore, income available for distribution increased 37.1 percent to $21.70 million in Q2. According to CDLHT, income available for distribution per stapled security in Q2 jumped 38.6 percent to 2.87 cents in Q2 from 2.07 cents over the same period last year.