Mainboard-listed Ascott Residence Trust (ART) has posted a first quarter distributable income of S$14.2 million, up 76 per cent compared to the same period a year ago.
ART said it benefited from higher demand for accommodation from business travellers in the region. It also attributed its strong financial performance in the first quarter to the improved operating performance of the properties and contribution from new acquisitions.
Going forward, it expects to see stable growth as it maintains a balance of properties in both developed and emerging markets in the Pan-Asian region.
For the first quarter ended 31 March, distribution per unit is 2.33 cents, up from 1.59 cents in the same period a year ago. - CNA/vm
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