GLP's Q1 net profit falls 24%

This is due to unrealised forex losses, lower revaluations on fund management business; core earnings are up 7%

Published Fri, Aug 12, 2016 · 09:50 PM

Singapore

GLOBAL Logistic Properties (GLP) on Friday reported that its net profit for the fiscal first quarter to June 2016 fell 24.3 per cent to US$202.9 million.

This was due to US$36 million of foreign exchange losses over the yen and yuan, but it stressed that most of this was actually unrealised accounting losses resulting from marking inter-company forex loans to market.

The fund manager and developer of logistics facilities was also affected by lower revaluations (a difference of about US$47 million), mostly on its fund management business in its joint venture funds.

Revenue grew 8.6 per cent to US$206.6 million due to the completion of its development projects in China, higher rents and manag…