GLP's Q3 earnings soar despite China, investor uncertainty

Singapore

GLOBAL Logistic Properties (GLP) on Thursday reported a 63.8 per cent increase in net profit to US$184.2 million, while revenue rose 11.1 per cent to US$198.9 million. The logistics facilities owner said its results were underpinned by higher earnings in China, development gains in Japan and GLP's entry into the US market.

This was partially offset by higher finance costs as GLP recognised losses on the mark-to-market values of foreign-exchange contracts, and incurred higher interest expenses from its USD medium term notes issued last June. China earnings were up 50 pe…