Performance of Lippo Maple

Below is the table* of profit margin.

Don't ask me how Lippo Maple determine it's distributable income from here. I really not sure. But the latest quarter's profit margin decreased 100%. Not good at all. Let's look another set of numbers.

*The table was changed on 20/08/2010. Previous table I use comprehensive income to calculate profit margin which is incorrect because it includes whole bunch of unrealized gains or loss and revaluation of properties. I should have use net profit or net income (Revenue + Interest - Operating Expenses - Administrative Expenses - Financial Expenses - Income Tax - Withholding Tax). Sorry.

Dividend Margin is distributable income divided by gross revenue. In 08Q1, the management generated 29.27 million of revenue and was able to distribute 23.34 million to unit holders which is 79.74% of revenue. But the management was unable to maintain this ratio and in 08Q4 when sub-prime hits, the management distributed only 15.07% of revenue. Start of 2009,  the management was distributing over 70% of revenue, but again in 09Q3, it started to decrease and the latest quarter is absurdly at 28%. I really don't care why, what, who, when and how this happen. All I care is a steady performance. The income statement of 10Q2 shows a comparison of 10Q2 and 09Q2 and it's just plain disappointing.