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GLOBAL Logistic Properties (GLP) on Friday reported that its net profit for the fiscal first quarter fell 24.3 per cent to US$202.9 million, from US$268.1 million a year ago, due to the lower fair value gains recognised for subsidiaries and joint ventures.
Core earnings which adjust for non-recurring items, however, were up 7 per cent at US$146 million, boosted by the growth in China operations, the acquisition of USIP II portfolio as well as the growth in Japan fund fees and operations.
Revenue grew 8.6 per cent to US$206.6 million from US$190.2 million a year ago. This was due to the completion of its development projects in China, higher rents and management fee income from the inclusion of GLP US Income Partners II as well as the growth in development activities in Japan.
Its bottom line was partly dented by the fall in its share of results of associates and joint ventures, which decreased by 51.9 per cent from a year ago to US$57.3 million.
It also incurred higher net finance costs, which rose to US$70 million from US$13.8 million a year ago.
GLP boasts of a US$38 billion property portfolio encompasses 52 million square metre of logistics facilities across China, Japan, the United States and Brazil.