The results from OUE Hospitality Trust kind of surprised me. The income for OUE Hospitality Trust comes from two main segment which is the Hospitality segment and Retail segment. I am expecting lower revenue from the Hospitality segment due to current economic headwinds in the tourism sector and stronger revenue from its Retail segment due to opening of Michael Kor and Victoria Secrets but it somehow was the opposite.
The Hospitality segment posted a higher revenue in 4Q2016 as compared to 4Q2015. I shall not go into the breakdown here as interested readers can read up their own from the presentation slides.
The Retail segment was somehow disappointing as it posted S$0.4 million lower in revenue for 4Q2016 as compared with 4Q2015. Rental rate fell was $23.6 in 4Q2016 and $24.6 in 4Q2015.