GLP's Q1 profit down 29%

GLOBAL Logistic Properties (GLP) on Tuesday posted a 28.9 per cent fall in net profit to US$144.2 million for the first quarter (see amendment note) ended June 30, down from US$202.9 million a year ago.

Revenue rose by 26.7 per cent to US$261.8 million from US$206.6 million last year, due mainly to the revenue from financial services in China, completion and stabilisation of development projects in China with increasing rents, and increase in management fee income from fund management platform.

Earnings per share for the provider of logistics facilities came up to 3.08 US cents, versus the previous year's 4.12 cents.

No dividends have been declared for the period.

Amendment note: The original article stated that GLP's second quarter profit was down 29 per cent. It should be first quarter.