LMIR Trust's Q4 distribution per unit declines 24.3% on weaker Indonesian rupiah

Lippo Malls Indonesia Retail Trust (LMIR)'s fourth-quarter distributable income declined 14.6 per cent to $13.8 million, on the back of a weaker Indonesian rupiah.

Distribution per unit for the quarter plunged 24.3 per cent to 0.56 cent.

Net property income for the three months ended Dec 31 was down 5.5 per cent over the same period last year to $31.1 million.

For the full year, LMIR's distributable income grew 13.9 per cent to $73 million, which translates into a distribution per unit of 3.25 cents.

Net property income rose 14.4 per cent over the previous financial year to reach $143.36 million.

The trust's financial results were affected by the sharp depreciation of Indonesian rupiah, which was "beyond general market expectations", said Mr Alvin Cheng, chief executive of LMIRT Management.

He added that Indonesia is expected to see an upward surge in household consumption during the upcoming election period.