Global Logistic Properties posts Q2 profit of US$74.2m

Global Logistic Properties Ltd (GLP), reported on Monday its second quarter net profit rose 179 percent from a year ago, helped by higher rental income, a stronger yen and revaluation gains.

GLP, a real estate unit of the Government of Singapore Corp, owns warehouses and other logistics assets in China and Japan

Net profit for the quarter ended September 30 rose to US$74.2 million compared with US$37.4 million a year earlier, GLP said in a statement.

Revenue was US$113.3 million, up from US$99.8 million.

“Asia’s robust economic expansion has been our growth driver, evident from the strong operational performance of our properties in China and Japan, and we will continue to grow our assets in these markets,” GLP’s chairman of the executive committee, Jeffrey H. Schwartz, said.

This is the first earnings report by GLP after its listing on the Singapore Exchange last month.

On Monday, GLP shares closed one cent higher at S$2.22.

Source : Channel NewsAsia – 29 Nov 2010

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