On the back of the lower revenue and higher property taxes, net property income (NPI) fell by 6.8% y-o-y to $26.2 million.
Far East Hospitality Trust (FEHT) has reported a gross revenue of $28.7 million for the 3QFY2024 ended Sept 30, 4.8% lower y-o-y. This was mainly due to the absence of one-off revenue from its hotels that were contracted for isolation purposes in the year before.
Gross revenue for hotels fell by 8.2% y-o-y to $21.4 million while serviced residences (SR) and FEHT’s commercial premises reported higher revenues of $3 million and $4.3 million, 3% and 9.9% higher y-o-y respectively. Commercial premises, in particular, benefitted from higher retail occupancies and rental rates. Excluding the effect of the one-off revenue in 3QFY2023, FEHT’s hotels would have seen growth on a y-o-y basis. Its gross revenue would have been up by 3.9% y-o-y.
