GLP's Q4 net down 34.5% to US$105m

Singapore

GIC-BACKED Global Logistic Properties (GLP) on Thursday reported a 34.5 per cent fall in net profit to US$104.86 million for the final quarter ended March, from US$159.98 million in the year-ago period.

The group - which provides logistics facilities in the US, Japan, China and Brazil - said the poorer showing in its bottom line was largely due to higher non-controlling interests' share of profits following the completion of investment by the consortium of investors to own a 33.8 per cent stake in GLP China, higher operating expenses arising from an increased property portfolio, and business expansion as well as higher income-tax expenses.