Lippo-Mapletree Indonesia Retail Trust (LMIR Trust) says it achieved distributable income of $54 million for the year ended 31 December 2009 (FY 2009), 2.1% above the distributable income of $52.9 million recorded in the year ended 31 December 2008 (FY 2008). DPU for FY 2009 is 5.04 cents compared to 4.96 cents in FY 2008, up 1.6%.
Revenue was 14.2% lower year-on-year due to lower casual leasing, carpark and miscellaneous income as the portfolio felt the impact of the global economic crisis in the form of retailers reducing the amount of expenditure on promotional activities. In addition, the average Indonesian Rupiah (IDR)/Singapore Dollar (SGD) rate adopted in FY2009 was 5.4% weaker than the average rate adopted in FY2008. Had the average IDR/SGD rate adopted been at the same level as FY 2008, revenue in FY2009 would have been $4.3 million higher. However, LMIR Trust has entered into foreign exchange forward contracts to hedge income denominated in IDR into SGD.
