FIRST Reit’s manager issued a profit warning late on Monday that it is expecting a year-on-year decline of 40 to 50 per cent in its available distribution income to unit holders for the six months ending June 30 in its upcoming half-year results. Read more at The Business Times.
The manager added that all rental relief provided to PT Lippo Karawaci or its subsidiaries as tenants of First Reit, would be regarded as interested-person transactions, in accordance with the Listing Manual of Singapore Exchange Securities Trading Limited. PT Lippo Karawaci is a controlling shareholder of First Reit.
First Reit’s manager said that it will monitor the situation and consider further rental relief if appropriate. The manager also said that it will continue with the practice of valuing First Reit’s assets once a year at the end of the financial year, and any fair-value gains or losses on properties will be recorded only in the full-year results.
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