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.

GLP's co-founder Jeffrey H. Schwartz said the company made a "strong start" to its new financial year.

"We ramped up development activity, initiating a record US$883 million of new projects across China, Japan and Brazil," he said in a statement. Leasing momentum also remained strong, with new and expansion leases rising 64 per cent from the year before.

"Our high lease ratios and sustained rental growth underscore the significant demand we see in all of our markets," Mr Schwartz said.