Wednesday, February 15, 2012

GLP's third-quarter net profit up 3% to $109m

Straits Times: Wed, Feb 15
WAREHOUSE provider Global Logistic Properties' (GLP) third-quarter net profit rose 3.4 per cent to US$86.3 million (S$109 million) on the back of higher revenue and a net fair value gain of US$24.3 million.

Revenue for the three months ended Dec 31 surged 19 per cent to US$144.7 million.

For the nine month period, however, net profit slumped 42 per cent to US$384.2 million even as revenue rose 18 per cent to US$412.4 million.

GLP, which owns properties in China and Japan, said that the higher revenue in the quarter was due mainly to the completion and stabilisation of the firm's development projects in China, contribution from its acquisition of Airport City Development and foreign exchange gains...

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