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GLP reports 52% jump in Q2 profit

GLOBAL Logistic Properties (GLP) posted a 52 per cent jump in Q2 net profit to US$173 million from US$114 million a year ago led largely by growth of its fund management platform.

Revenue for the quarter ended Sept 30, 2016, rose 13 per cent to US$214 million owing to the completion and stabilisation of development projects in China with increasing rents, higher management fee income from the inclusion of GLP US Income Partners II and growth in Japan, and the strong yen against the US dollar.

Earnings per share stood at 3.53 US cents versus 2.22 US cents in the corresponding quarter of 2015.

For the first half period to September 2016, net profit slipped 1.6 per cent to US$376 million due to foreign exchange losses on the back of an 11 per cent improvement in revenue to US$420 million.

No dividend was declared for the period, same as the previous period.

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