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LMIR Trust Posts Steady Q2 Growth Amid Stabilising Operating Environment

August 9, 2022 – Lippo Malls Indonesia Retail Trust reported stable distribution per unit (DPU) and distribution to Unitholders of 0.09 Singapore cents and S$6.9 million respectively for the three months ended 30 June 2022 (Q2 2022) amid recovering operating conditions.

For the period under review, rental revenue and gross revenue grew 2.1% and 4.1% to S$30.2 million and S$51.7 million respectively, partially offset by the master lease expiry of Lippo Mall Kuta and lower year-on-year (“YoY”) portfolio occupancy.

The top-line growth was largely due to lower rental and service charge discounts extended to tenants as stabilising Covid-19 situation in Indonesia and easing of social restrictions led to the resumption of normal operating hours for most of the Trust’s retail malls and retail spaces.

The longer operating hours also resulted in higher service charge and utilities recovery of 8.0% or S$1.5 million in 2Q 2022.

Read more here..

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