YTL Hospitality REIT Records 9-Month Revenue of RM357 Million & Distributable Income of RM100 Million
Kuala Lumpur, Tuesday 16 June 2020
YTL Hospitality REIT's revenue stood at RM356.7 million for the 9 months ended 31 March 2020, compared to RM372.2 million for the previous corresponding 9 months ended 31 March 2019, whilst net property income (NPI) of RM190.9 million was recorded for the current period as compared to RM193.0 million recorded for the same period last year. Income available for distribution increased to RM100.1 million for the period underreview over RM98.4 million last year.
Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, KBE, CBE, FICE, Executive Chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, ''In the Trust's hotel segment, revenue and NPI from the Sydney Harbour, Brisbane and Melbourne Marriott hotels in Australia were impacted by the COVID-19 pandemic from February 2020. Australia's borders were then closed to all non-residents from 20 March 2020 as the government implemented stricter social distancing measures to contain the pandemic. However, the 3 hotels participated in the Australian government's programme for self-isolating guests and remained in operation throughout, and we took immediate measures to review business continuity plans, tighten cost saving measures and delay non-essential capital expenditures to mitigate the financial impact.
''In the property rental segment, the increase in revenue and NPI was mainly the result of additional rentals recorded from the JW Marriott Hotel Kuala Lumpur following the refurbishment completed in June 2019. The acquisition of The Green Leaf Niseko Village in September 2018 also contributed to the increase in revenue and NPI in the current financial period.''
The frequency of YTL Hospitality REIT's income distribution has been changed to semi-annually from quarterly, effective from the current financial quarter ended 31 March 2020. Therefore, no income distribution was declared for the current financial quarter. The Manager believes that the switch to semi-annual distributions for each 6-month period ending 30 June and 31 December will enable the Trust to preserve and better manage its cashflow and achieve savings in terms of cost and administrative resources in view of the unprecedented COVID-19 pandemic.