CapitaLand Ascott Trust’s 3QFY2023 RevPAU at $154, 17% higher y-o-y

9MFY2023 gross profit rose by 23% y-o-y as revenue growth outpaced the higher operating and financing costs.

CapitaLand Ascott Trust (CLAS) has reported 13% higher gross profit in the 3QFY2023 on a y-o-y basis although no figures were released. Stable income contributed some 56% towards the total figure.

9MFY2023 gross profit rose by 23% y-o-y as revenue growth outpaced the higher operating and financing costs.

The trust reported a revenue per available unit (RevPAU) of $154 for the 3QFY2023 ended Sept 30, 17% higher y-o-y and 3% higher q-o-q. The quarter’s RevPAU also stood at 102% of the trust’s pre-Covid-19 levels.

RevPAU across CLAS’s key markets rose. Its Singapore portfolio under management contracts with minimum guaranteed income stood at $406. In the UK, RevPAU rose by 14% y-o-y to GBP168 ($278.76) under the same contract.

Under management contracts, CLAS’s RevPAU in Australia rose by 18% y-o-y to A$152 ($132.16).

China’s RevPAU grew by 9% y-o-y to RMB304 ($57.43) while Japan’s RevPAU surged by 198% y-o-y to 13,804 yen ($126.32).

RevPAU for Singapore grew by 20% y-o-y to $214 while RevPAU in the US rose by 12% y-o-y to US$233 ($319.21). Vietnam’s RevPAU stood 22% higher y-o-y at 1.41 million VND ($78.64).

Average daily rates (ADR) remained above pre-Covid-19 levels.

CLAS’s average portfolio occupancy rose by 2 percentage points q-o-q to 77% in the 3QFY2023.

As at Sept 30, the trust’s gearing stood at 35.2% while its interest cover ratio stood at 4.2x. Its net asset value (NAV) per stapled security stood at $1.12.

CLAS’s advanced distribution of 0.701 cents was paid for the period between July 1 and Aug 13.

Units in CLAS closed at 92.5 cents on Oct 27.

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