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
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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.
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