GLP's Q1 profit down 29% at US$144.2m on lower revaluations

Singapore

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 ended June 30, down from US$202.9 million a year ago.

The mainboard-listed provider of logistics facilities attributed the fall in net profit to "lower revaluations this quarter". It said that earnings excluding revaluations were up 131 per cent due to foreign exchange movements.