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Global Logistic Properties Q4 earnings jump

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Warehouse provider Global Logistic Properties (GLP) posted a surge in earnings for its fourth quarter on the back of higher revenue and fair value gains from investment properties.

WAREHOUSE provider Global Logistic Properties (GLP) posted a surge in earnings for its fourth quarter on the back of higher revenue and fair value gains from investment properties.

Net profit for the three months ended March 31 jumped 45.7 per cent to US$152.75 million from the preceding year, GLP said in a Singapore Exchange filing on Thursday morning.

Revenue for the period expanded 19.4 per cent to US$199.12 million year on year.

The revenue growth was mainly due to the completion and stabilisation of development projects in China with increasing rents and the inclusion of management fee income from GLP US Income Partners I and GLP US Income Partners II, GLP said.

It added that the bottom line was boosted by higher fair value gains of investment properties of subsidiaries in China and a share of fair value gains from investment properties of joint ventures in Japan and Brazil, compared with a share of fair value loss from investment properties of joint ventures in Brazil in the corresponding period the year ago.

Earnings per share for Q4 came in at 3.06 US cents, up from 2.01 US cents the previous year. Net asset value per share was US$1.87 as at March 31 this year, up slightly from US$1.81 as at March 31 last year.

It proposed a final dividend of S$0.06 per share for the financial year ended March 31.