Warehouse developer Global Logistic Properties (GLP) reported strong first-quarter earnings, due to solid development momentum and rent growth across its portfolio.

It saw a 33 per cent rise in net profit to US$204 million (S$258 million) for the three months to June 30 from that of the same period a year ago.

This was boosted by by higher revenue in China and revaluation gains of US$159 million, mainly due to higher property values in Japan.

The firm also saw a 34 per cent rise to US$253 million in earnings before interest and taxes.

However, GLP's revenue fell 20 per cent to US$137 million.