GLP sets up US$3b fund; Q2 net falls 26%

GLOBAL Logistic Properties (GLP) yesterday announced the establishment of a US$3 billion China Logistics Fund, even as net profit fell 26 per cent for the three months ended September, to US$145 million, from US$195 million a year ago.

This was on the back of revenue falling 19 per cent for the quarter to US$140 million, from US$173 million previously.

Taking into account the sale of properties to GLP J-Reit and foreign exchange movements, net profit and revenue would have increased 17 per cent and 16 per cent, respectively.