Global Logistic Properties (GLP) has reported a 31 percent on-year rise in third quarter net profit to US$113 million.
The logistic facilities provider benefited from a strong lease-up of development projects as well as rental growth in China.
Group revenue rose 20 percent year-on-year to US$174 million in the three months ended December
Mr. Ming Z. Mei, Co-Founder and Chief Executive Officer of GLP, said: “Our business continues to gain momentum. We acquired twice as much land in China in Q3 FY13 compared to the previous quarter, with development starts more than the previous two quarters combined.”
GLP has also initiated development starts of 1.6 million square metres of land in China.
Mr. Ming says: “Demand remains strong in all of our markets. China is seeing growth in domestic consumption, particularly in e-commerce, coupled with a backdrop of continued urbanization. We have seen significant growth in fund fees in Japan, reflecting the strong demand for our modern facilities and the continuing rollout of our best-in-class fund management platform. Brazil is a fast-growing, underserved market with compelling opportunities for future growth.”
GLP also successfully listed GLP J REIT, Japan’s largest real estate IPO in dollar terms, on the Tokyo Stock Exchange in December 2012.
It has also more than doubled the size of its Japan Development Venture to grow its fund management business.
GLP also established the largest logistics platform in Brazil in the quarter, in partnership with the Government of Singapore Investment Corporation and other partners.
Source : Channel NewsAsia – 6 Feb 2013