Forex losses hit Global Logistic's second-quarter earnings

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.