LIPPO Malls Indonesia Retail Trust has slashed its first-quarter payout to unitholders by 17.9 per cent, as rental income slid year-on-year.
Rental income was down by 7.1 per cent to S$37.4 million, partly because of lower contributions from Lippo Plaza Batu and Palembang Icon, where master leases expired in July 2018.While gross revenue rose by 34.2 per cent to S$65.9 million, mainly on the direct collection of service and utilities recovery charges from tenants, this was eroded by property operating costs, which nearly quintupled on a surge in spending on maintenance and operations.
She pointed to plans for a new food court in 2019 at Pluit Village in North Jakarta, as well as the refurbishment of Sun Plaza in Medan, which is due for completion in early 2021.
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