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Lippo Malls Indonesia Retail Trust’s (LMIRT’s) dollar bonds dropped across the curve after it reported a dip in its earnings. Net property income fell 6.6% YoY to S$32.3mn in Q2 with gross revenues inching lower by 1.9% YoY to S$50.7mn. Its rental revenues dropped 6.4% YoY to S$28.3mn. The trust said that the weaker numbers reflected the depreciation of the IDR/SGD exchange rate and lower rental contributions from Lippo Plaza Kendari and Lippo Plaza Jogja. It added that the trust will continue not to pay coupons on its perps to conserve capital and cash resources. Since March 2023, LMIRT has ceased paying coupons on its S$140mn Perps and has done the same on its S$120mn Perps in May 2023. Thus its dividend stopper restriction was triggered. Lippo added that its portfolio occupancy remained stable at 81.4%, up from 80.4% in 1Q and shopper traffic recovered to 69.4% of pre-pandemic levels.
LMIRT’s 7.5% 2026s were down 2.6 points to 56.7 cents on the dollar.
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