LMIRT Q4 DPU falls 92% to 0.04 Singapore cent

LIPPO Malls Indonesia Retail Trust (LMIRT)'s distribution per unit (DPU) for the fourth quarter ended Dec 31, 2020 plunged 92.3 per cent to 0.04 Singapore cent from 0.52 Singapore cent a year ago.

Gross revenue was down 60.7 per cent to S$27.35 million due to discounts given to its tenants as a result of shorter opening hours amid the pandemic.

Net property income (NPI) shrank nearly 78 per cent year-on-year to S$10.63 million while the distribution to unitholders worked out to S$3.04 million, down nearly 80 per cent from a year ago.

For the full year, the DPU came to 0.34 Singapore cent, down about 85 per cent. Gross revenue was about 46 per cent lower year-on-year at S$148.54 million, while NPI declined nearly 57 per cent to S$76.36 million.

LMIRT said that since January this year, its malls have started to operate longer hours. As such, rental and service charge discounts have been reduced to 25 per cent, with the aim of easing discounts down further over the course of the year. The trust's manager expects the recovery from the pandemic to be uneven across Indonesia.

The DPU for Q4 FY20 is payable on March 31.

Units in LMIRT closed at 6.3 Singapore cents on Monday, up 0.1 Singapore cent or 1.61 per cent.