GLP's third quarter earnings rise by 31% to $139 million

THIRD quarter net profit at Global Logistic Properties (GLP) rose 30.7 per cent to US$112.8 million (S$138.7 million) as it completed and stabilised development projects in China.

Contributions from China's Transfar Logistics Base Company and GLP Suzhou Development Company also helped, as did asset management and development fee income from joint ventures in Japan.

These positive factors were partially offset by the weakening of the Japanese yen against the United States dollar, as revenue rose 19.9 per cent to US$173.5 million for the three months to Dec 31.

GLP's co-founder and chairman Jeffrey Schwartz called the quarter "transformational" for the firm, a provider of logistics facilities.

"We established the largest logistics platform in Brazil that gives us significant opportunities for further growth," said Mr Schwartz in a statement.

"We also successfully listed Japan's largest real estate IPO (initial public offering) in dollar terms and more than doubled the size of our Japan Development Venture, in line with our strategies to recycle capital and grow our fund management business."

Earnings per share were 2.23 US cents for the quarter, up from 1.85 US cents a year earlier. These figures have been adjusted for distributions to the holders of capital securities in GLP.

Net asset value per share was US$1.75 at Dec 31 last year, from US$1.69 at March 31.

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