LIPPO-MAPLETREE Indonesia Retail (LMIR) Trust has reported a distributable income of $23.3 million for its first interim financial period from Nov 19, 2007 to Mar 31 this year. This was 3 per cent higher than the forecast income available for distribution set out in its prospectus. Distribution per unit (’DPU’) for the same period was 2.2 cents, corresponding to an annualised DPU of 6.04 cents.
During the period, its gross revenue of $29.3 million was $1.6 million lower than forecast, due to lower than expected gross rentals. Net property income was 4 per cent lower than expected at $27.6 million.
The fund recently completed its acquisition of Sun Plaza in Medan, Sumatra, at a price of $147 million. The purchase increased its total net lettable area in the trust’s portfolio by about 20 per cent to 376,035 square metres.
The acquisition was 20 per cent funded through internal cash resources and 80 per cent through debt.
Said chief executive officer Viven G Sitiabudi: ‘Growth is expected to be sustainable in 2008 and, despite a recent rise in inflation, we expect the retail market in Indonesia to remain relatively strong. We intend to press ahead with our acquisition growth strategy.’
Looking ahead, the fund sees a positive outlook for Indonesia’s retail sector, adding that it is confident of distributing the projected payout of 5.85 cents for the year 2008.
Source : Business Times - 29 Apr 2008
