GLP posts 46% jump in Q4 profit to US$153m

GLP CEO Ming Z Mei.
GLP CEO Ming Z Mei.PHOTO: BLOOMBERG

SINGAPORE - GLP, a global provider of modern logistics facilities, reported a 46 per cent jump to US$153 million (S$211.4 million) in net profit for the fourth quarter ended March 31 from US$105 million in the year-ago period.

Excluding a net foreign exchange loss of US$8 million and other one-time event adjustments, core earnings rose 32 per cent in the last quarter.

For the full-year, earnings swelled 48 per cent to US$719 million from US$486 million, driven by higher earnings in China, development completion gains in Japan and GLP's entry into the US market.

China earnings were up 30 per cent driven by higher asset values, rent growth and continued lease up of developments while Japan was up 21 per cent on the back of higher development completions.

Said GLP CEO and co-founder Ming Z Mei: "In FY16, GLP saw solid results across our three business pillars - operations, development and fund management. Against a more cautious macro-economic environment, the results highlight the value of our solutions and strong 'network effect'.

"We are confident in the long-term outlook of our markets and will maintain strong investment discipline with a focus on locations that are seeing good demand and limited supply."

GLP develops, owns and manages a portfolio of 52 million square metres of logistics facilities across China, Japan, US and Brazil.

The board has recommended a dividend of 6 Singapore cents per share, 9 per cent higher than last year's. This is subject to approval by shareholders at GLP's annual general meeting.