LMIR Trust NPI slips in Q1

Gross revenue also grew by 4.9% to $49.9m.

Lippo Malls Indonesia Retail Trust (LMIR Trust) reported a 2.4% decrease in net property income (NPI) to $29m for the first quarter of 2025, in Singapore dollar (SGD) terms.

A 3.4% depreciation of Indonesian Rupiah (IDR) to the SGD saw rental revenue dip by a marginal 0.2% to $27.5m. 

Gross revenue rose by 1.4% to S$49.9m for the period, supported by a 67.4% jump in carpark income following the entry into a new carpark management arrangement. This yielded higher gross carpark income compared to the net income structure under the previous agreement.

In IDR terms, the company saw a 1% increase to IDR352b, largely due to a net reversal for impairment loss on trade receivables following collections from a credit-impaired tenant.