Forex losses hit Global Logistic's second-quarter earnings
Net profit falls 38%; near-term fall expected to be mitigated by longer-term accelerated growth in China
Singapore
WEIGHED down by US$54 million in one-time foreign exchange (FX) losses, net profit at Global Logistic Properties (GLP) dived 38 per cent to US$89.5 million for the fiscal second quarter.
The provider of modern logistic facilities in China, Japan and Brazil said there were US$29 million of FX losses in Japan stemming from the repatriation of proceeds to the group from asset sales to GLP J-Reit. It also recognised US$25 million of FX losses in Brazil when it sold a 60 per cent interest in the portfolio of assets acquired from BR Properties earlier this year due to the depreciation of the Brazilian real against the US dollar.
Copyright SPH Media. All rights reserved.
