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.