SINGAPORE - Fourth quarter distribution per unit at Lippo Malls Indonesia Retail Trust rose 14.1 per cent to 0.81 cents on the back of strong growth in net property income.
Net property income for the three months ended Dec 31 increased 22.3 per cent in Singapore dollar terms, lifting distributable income for the quarter 29 per cent to $22.7 million.
Distribution per unit for the full year came in at 3.10 cents, up 12.3 per cent over the preceding year.
Though the rupiah weakened about 3.8 per cent against the Singdollar between 2014 and 2015, the trust's gross revenue grew 26.3 per cent in Singdollar terms.
This was mainly due to contributions from Lippo Mall Kemang, acquired at the end of 2014, as well as from the acquisitions of Lippo Plaza Batu and Palembang Icon in July 2015.
The trust's asset portfolio comprises 19 retail malls and seven retail spaces located within other malls.