Lippo Malls Indonesia Retail Trust (D5IU) Q2 2025 earnings summary

Executive summary

• Gross revenue for 1H 2025 rose 2.9% year-over-year to S$100.2 million, driven by higher occupancy and carpark income.

• Net property income declined 1.7% year-over-year to S$58.2 million due to higher operating expenses.

• Net income for 1H 2025 was S$23.0 million, reversing a loss in 1H 2024, but total comprehensive loss widened to S$45.3 million from FX translation losses.

• Portfolio occupancy rose to 84.1%, above the industry average of 77.1%.

• No distributions were declared for unitholders or perpetual securities holders, continuing the suspension since March 2023.

Financial highlights

• Rental revenue remained stable at S$54.5 million; car park revenue nearly doubled to S$5.7 million.

• Property operating expenses increased 10.1% to S$42.0 million in 1H 2025.

• Finance costs fell 31% to S$29.4 million due to lower borrowings and interest rates.

• Cash and cash equivalents stood at S$28.3 million as of 30 June 2025, with S$15.5 million unrestricted.

• Net assets attributable to unitholders declined to S$397.9 million (NAV per unit: 5.17 cents) from S$443.2 million at end-2024.

Outlook and guidance

• Manager expects operating environment to remain challenging due to cautious retailers, currency volatility, and subdued consumer sentiment.

• Focus remains on maintaining healthy occupancy, optimizing tenant mix, and prudent capital management.

• No distributions will be made until financial and cashflow position improves.