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GLP Q1 profits grow 49% to US$268 million
GLOBAL Logistic Properties' (GLP) earnings rose 49.4 per cent for the first quarter as its share of results in joint ventures and higher asset values bolstered the bottomline.
The group recorded net profit of US$268.1 million for the three months ended June 30, up from US$179.4 million a year ago.
Revenue grew 12.3 per cent to US$190.2 million, as the group completed development projects in China, and saw increased rents and inclusion of management fee income from the GLP US Income Partners I fund.
This was partially offset by the sale of nine properties in Japan to GLP J-Reit in September last year, and the weakening of the Japanese yen against the US dollar, said GLP. It added that the yen has, on average, fallen 19 per cent against the US dollar.
Said its CEO Ming Z Mei: "We have made a solid start to FY16. Against a backdrop of macroeconomic uncertainties, our strong results underscore the quality of our assets and reflect the outstanding work of our team."
"To better reflect the increased uncertainty in China, we have taken a more prudent approach by lowering our development targets in China for FY16," he added. "Our long term outlook for China remains positive and we expect to be able to ramp up development activity in accordance with demand."