GLP's Q4 profit up 61.7% on higher asset values

GLOBAL Logistic Properties' (GLP) fourth-quarter net profit rose 61.7 per cent to US$247 million, or 5.19 US cents per share, for the three months ended March 31 on the back of higher asset values.

On a core basis that excludes non-recurring items, however, earnings were 5 per cent lower year-on-year due to the syndication of the company's second US portfolio, in which GLP retains a 10 per cent stake.

GLP has declared a final dividend of 6 Singapore cents per share.

For the full year ended March 31, net profit rose 10.4 per cent to US$793.7 million, or 16.32 Singapore cents per share.

Revenue increased by 14 per cent to US$226.9 million during the quarter amid higher rents in completed projects in China, financial services revenue in China and increases in fund management fees.

Looking ahead, GLP said it sees significant demand for its logistics facilities globally. The company's new and renewal leases rose 35 per cent year-on-year to 13.3 million square metres.

The company is also undergoing a strategic review of the business. GLP said the special committee tasked to conduct the review is discussing with several parties following the evaluation of non-binding proposals received, and the due diligence process is ongoing with no definitive transaction in place yet.