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GLP's Q3 profit down 7.3% to US$170.7m
GLOBAL Logistic Properties (GLP) on Thursday posted a 7.3 per cent fall in net profit to US$170.7 million for its third quarter ended Dec 31, 2016 - attributable to a one-time US syndication gain a year ago and higher forex losses in this quarter.
Revenue rose by 16.9 per cent to US$232.5 million, due mainly to the completion and stabilisation of development projects in China with increasing rents; revenue from financial services in China; and an increase in management fee income from its fund management platform.
Earnings per share was 3.48 Singapore cents for the quarter, down 7.4 per cent from the previous year's 3.76 cents.
No dividends have been declared for this period.