KUALA LUMPUR: YTL Corp Bhd's real estate investment trust (REIT) arm, YTL Hospitality REIT, posted a slight revenue increase to RM132.7 million for the first quarter ended Sept 30, 2024 (Q1 FY2025), compared to RM130.9 million in the same quarter last year.
Net property income (NPI) rose marginally to RM68.9 million from RM68.3 million in Q1 FY2025, while income available for distribution remained steady at RM26.5 million, consistent with the prior year's corresponding quarter.
Executive chairman of the REIT's manager, Pintar Projek Sdn Bhd, Tan Sri (Sir) Francis Yeoh, attributed the stable performance to consistent hotel segment revenue.
He said that revenue for the hotel segment remained on par with the previous year; however, NPI was slightly affected by higher property operating expenses, driven by a guest room maintenance programme at the Sydney Harbour Marriott.
"The property rental segment registered higher revenue and NPI due mainly to new rental income from Hotel Stripes, step-up rental income from the renewal of the lease agreement with the JW Marriott Hotel, and additional rental income from the AC hotels in Kuala Lumpur, Penang, and Kuantan, following completion of refurbishment works in the preceding quarter," Yeoh added.
The trust continues to focus on maintaining its assets while delivering consistent returns to unitholders.