GLP 3Q earnings down 36.2% on revaluation gains in previous year

SINGAPORE - Third quarter earnings at logistics facilities provider Global Logistic Properties plunged 36.2 per cent, due in part to revaluation gains on Japanese assets in the previous year.

Net profit for the three months ended Dec 31 was US$112.4 million, while revenue ticked up 0.7 per cent to US$179 million.

The increase in turnover was mainly due to the completion and stabilisation of development projects in China with increasing rents, GLP said.

Earnings per share for the quarter was 2.16 US cents, down from 3.53 US cents in the same quarter the previous year. Net asset value per share was US$1.82 as at Dec 31.