Global Logistic Properties' Q4 profit plunges 34.5% to US$105m

GLOBAL Logistic Properties' (GLP) net profit for the fourth quarter ended March 31, 2015, plunged 34.5 per cent to US$104.86 million, compared to US$159.98 million in the corresponding period last year, mainly 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, Ebit (lower earnings before interest and tax), and higher income-tax expense recorded during the year ended March 2015.

Revenue for the quarter inched up 6.2 per cent to US$166.76 million from US$156.97 million in the year-ago period, mainly attributable to the completion and stabilisation of development projects in China with increasing rents, and the inclusion of one month's management fee revenue from GLP US Income Partners I.

For the year ended March, net profit was down 29 per cent at US$486.2 million, while revenue was up 13.3 per cent at US$708.01 million.

Looking ahead, the markets that GLP is in have attractive supply-and-demand dynamics for logistics facilities in the medium and long term, the group said in a note on Thursday.

"GLP remains mindful of the near-term challenges in the local and global economic environments. The company believes its market leading positions, strong management team and solid balance sheet position is well for continued profitable growth," it said.

For the three months ended March, earnings per share were 2.01 US cents while net asset value per share was US$1.81.

A final one-tier tax-exempt dividend of 5.5 Singapore cents per share was declared.

On Wednesday, GLP had closed trading up four cents at S$2.71.