GLP full-year net profit rises to US$685.2m on strong China performance

SINGAPORE - A strong performance in China saw net profit at Global Logistic Properties rise to US$685.2 million (S$857.9 million) for its financial year ended March 31, just 0.1 per cent higher than in the previous year.

The provider of modern logistics facilities in China, Japan and Brazil, said on Friday that revenue for the financial year was US$598.3 million, 6.8 per cent lower than a year ago.

However, the figures were influenced by GLP's sale of some of its properties to GLP J-Reit, as well as foreign exchange movements.

Adjusting for these items, it said group revenue would have increased 20 per cent, while net profit would have risen 31 per cent.

Revenue from China for the year went up by 42.6 per cent from last year to US$359.5 million, due to the completion and stabilisation of the group's development projects, GLP said.

Revenue from Brazil for the year jumped 233.5 per cent to US$7.3 million.

On the other hand, revenue from Japan for the year dropped 40.3 per cent to US$231.5 million, mainly due to the sale of properties in Japan to GLP J-Reit in the fourth quarter, and the weakening of the Japanese yen against the United States dollar.

Earnings per share was 13.71 US cents for the year, down from 13.99 US cents a year ago.

Group net asset value per share was US$1.84 at March 31, up from US$1.77 a year ago.

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