YTL Hospitality REIT Records 1st Quarter Revenue of RM79 Million & Distributable Income of RM17 Million

Kuala Lumpur, Thursday 26 November 2020

YTL Hospitality REIT recorded revenue of RM79.0 million for the 3 months ended 30 September 2020, a 13.3% increase compared to RM69.8 million for the previous quarter ended 30 June 2020. Net property income (NPI) also rose to RM53.0 million this quarter over RM44.3 million for the previous quarter, whilst income available for distribution stood at RM16.8 million for the period under review compared to RM27.0 million for the preceding quarter.

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, “The Trust recorded higher profit before tax this quarter compared to the last quarter ended 30 June 2020 due to a decrease in foreign currency translation losses recorded this quarter, as well as the absence of a fair value loss on properties of RM28.1 million recorded in the last quarter.

“In the hotel segment, revenue and NPI from the Sydney Harbour, Brisbane and Melbourne Marriott hotels in Australia have shown improvement resulting from their participation in the Australian Government’s isolation programmes and the subsidy from its jobseeker programme.

“In the property rental segment, the increase in the revenue and NPI was due to the recognition of lease income on a straight-line basis over the tenure of the lease following the rental variations for the Trust’s hotels in Malaysia and Hilton Niseko in Japan, which reduced the lease rentals by 50% for 24 months until 30 June 2022.” 

Comparison with Preceding Quarter