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GLP posts drop in first-quarter net profit on forex, dilution effects

Published on Aug 5, 2014 11:04 AM

SINGAPORE - Global Logistic Properties (GLP) said on Tuesday it logged a 12 per cent drop in its net profit for its first quarter over a year ago to US$179.4 million (S$223.5 million).

The fall was mainly due to foreign exchange gains in the first quarter of last year, creating a high base for comparison, as well as the effects of dilution from Chinese investors taking a stake in the company.

Adjusting for these, as well as for the sale of some of its assets to GLP J-Reit, GLP's earnings would have increased 8 per cent in the three months ended June 30 over the previous year, the group said.

Its first-quarter revenue climbed 18 per cent to US$169 million, lower than net profit because the profit figures included revaluation gains. Excluding these, net profit would have been US$61 million in the quarter.

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