Many people don’t seem to be happy with LippoMalls as it seems that dividends per unit dropped from $0.79 to $0.73. As a follow up post to LippoMalls Goes On An Acquisition Spree In October 2012, we will examine if there is any cause for concern with this drop in DPU. Firstly, Q3 2012 Gross Revenue is $30,553 which is lower than Q3 2011 Gross Revenue of $33,296. However, this is actually due to several reasons. 1 – Gross revenue in Q3 2011 includes service charge and utilities recovery from mall’s operational activities. However, these operational activities are outsourced to a third party starting from May 1 2012. The operating company is responsible for all costs directly related to the maintenance and operation of the individual retail malls, as well as pay for the rental of office and use of equipment. The operating company also has the right to collect a service charge ......