Koufu posts 82% decline in 1H earnings to $2.5 mil; interim dividend cut by half

Revenue contribution from the outlet and mall management segment decreased by 19.4% y-o-y to $47.8 million, mainly due to decrease in fixed rental income as the group passed on rental and property tax rebates granted by landlords to stall tenants; decrease in variable rent income owing to lower footfalls at most of the outlets especially during the circuit breaker and Phase 1 of the re-opening of the economy as dine-in services were disallowed; and decrease in the recovery of cleaning expenses from stall tenants as lower cleaning expenses were incurred during the circuit breaker and Phase 1 periods when dine-in services were disallowed.