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LMIRT's Q2 DPU down to 0.11 S cent from 0.6 cent

LIPPO Malls Indonesia Retail Trust (LMIRT) on Friday reported a distribution per unit (DPU) of 0.11 Singapore cent for the second quarter ended June 30, down from 0.6 cent a year ago.

Net property income was 70.8 per cent lower at S$12.8 million. Gross rental income decreased 67.6 per cent to S$12.6 million; total gross revenue fell 59.9 per cent to S$27.4 million.

Distributable income slumped 82.1 per cent to S$3.1 million.

The decrease in gross rental income was mainly due to the temporary closure of retail malls and retail spaces amid the Covid-19 outbreak since the end of March. By July 3, all 23 retail malls and seven retail spaces had resumed operations, although they were open for only eight hours, down from the usual 12.

The expiry of master leases in Lippo Mall Kemang on Dec 16 also reduced income, by about S$1.9 million for Q2 2020.

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LMIRT's average occupancy of 88.2 per cent was higher than the industry average of 80.8 per cent, said chief executive of the Reit manager, James Liew.

Except for cinemas, gyms and entertainment outlets which remain closed, 92.4 per cent of tenants by net lettable area have resumed operations with safety measures in place.

Gearing ratio stood at 35.7 per cent as at June 30, with an interest cover of 3.33 times.

"Amid the current global challenges, the Trust continues to work strategically to improve its financial stability and flexibility. This includes optimising current portfolio performance through divestment, together with capturing future opportunities that will achieve long-term sustainable returns for unitholders," said Mr Liew.

The counter ended trading at 1.24 Singapore cents, down 0.1 Singapore cent or 0.8 per cent on Friday before results were out.

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