Global Logistic's Q3 profit down 36.2% at US$112m

Lower contributions from joint ventures and higher expenses; fair-value gains up 26.6%

Published Thu, Feb 5, 2015 · 09:50 PM

Singapore

GLOBAL Logistic Properties' (GLP) third-quarter earnings plunged 36.2 per cent as the group recorded lower contributions from its joint ventures and incurred higher expenses related to its business expansion and a larger property portfolio.

For the three months ended Dec 31, 2014, net profit attributable to shareholders fell to US$112.45 million, or 2.16 US cents per share. Net asset value per share was US$1.82.

The three months also saw income tax expense up 38.2 per cent at US$47.17 million.

Revenue for the period was US$179.02 million, up 0.7 per cent from the corresponding period a year before. In the third quarter,…