CapitaLand Investment's (SGX:9CI) total revenue for the first quarter of the year declined 24% year over year to SG$650 million, according to a Wednesday filing with the Singapore Exchange.
The decline was attributable to the deconsolidation of CapitaLand Ascott Trust (SGX:HMN) following CapitaLand Investment's divestment of a 4.9% stake.
The company logged a 5% year-over-year revenue per available unit or RevPAU growth during the period, which was driven by higher occupancy and higher average daily rates.
Meanwhile, 4,600 units across 21 properties were signed by the trust during the quarter, while 1,800 units across 10 properties were opened.
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