LMIR Trust NPI down 5.5% in FY2024

Lippo Malls Indonesia Retail Trust (LMIR Trust) reported a 5.5% decline in net property income (NPI) to $115.7m for the financial year ended 31 December 2024.

The trust attributed the decline to higher impairment allowances and increased property operating and maintenance costs.

A 4.4% depreciation of the Indonesian Rupiah (IDR) against the Singapore Dollar (SGD) in FY 2024 led to a 2.2% drop in rental revenue to $108.2m and a 1.4% decline in gross revenue to $194.6m.

For the fourth quarter, NPI improved quarter-on-quarter, with rental and gross revenues rising 1.5% and 2.9% in terms to $26.9m and $49.3m.

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