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Financial Information

Financial Results
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2017 SECOND QUARTER UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

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Profit & Loss

Profit & Loss 2Q2017

Balance Sheet

Balance Sheet 2Q2017

Review of Performance

2Q 2017 vs 2Q 2016

Gross rental income is S$4.0 million higher than 2Q 2016, mainly due to the acquisition of Kuta and positive rental reversions.

Other revenue is S$0.9 million lower than 2Q 2016, mainly due to the new carpark contract arrangement, whereby the outsourced carpark operator absorbs all the carpark operating costs and is entitled to a portion of the parking revenues.

The decrease in financial expenses of S$0.5 million is due to S$150 million Bond repaid in October 2016, which was replaced by perpetual securities and accounted for in the Statement of Changes in Unitholders' Funds.

Other losses (net) mainly comprise of realised and unrealised foreign currency gains/ (losses), realised and unrealised hedging contracts gains/ (losses), as well as amortisation of intangble assets in relation to LMK, LPB, PICON, Kuta and Kendari.

1H 2017 vs 1H 2016

Gross rental income is S$7.8 million higher than 1H 2016, mainly due to the acquisition of Kuta and positive rental reversions.

Other revenue is S$1.7 million lower than 1H 2016, mainly due to the new carpark contract arrangement, whereby the outsourced carpark operator absorbs all the carpark operating costs and is entitled to a portion of the parking revenues.

Other losses (net) mainly comprise of realised and unrealised foreign currency gains/ (losses), realised and unrealised hedging contracts gains/ (losses), as well as amortisation of intangble assets in relation to LMK, LPB, PICON, Kuta and Kendari.

The Trust has foreign currency options contracts to mitigate its exposure on currency movement as the majority of the Trust's income is in IDR. The unrealised gain/ loss on foreign currency options contracts is a non-cash item and does not affect the amount of distribution to unitholders.

Commentary

Indonesia's economy continued to strengthen with gross domestic product growing 5.01% in the first quarter of 2017, up 4.94% from preceding quarter, mainly due to recovery in commodity prices and higher exports over the past year.

Indonesia's annual inflation rate accelerated slightly in June 2017 to 4.37% from 4.17% in April 2017, due to the Aidilfitri celebrations driving up demand towards the end of June. The inflation rate is in line with market forecast.

Based on preliminary figures from Bank Indonesia, retail sales in Indonesia rose 6.7% in June 2017, due to the seasonal surge in public demand during the Ramadan and Aidilfitri season.

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