GLP posts net profit of US$82.1m

Global Logistic Properties (GLP) reported a turnaround in the third quarter from a loss a year ago, posting a net profit of US$82.1 million.

A subsidiary of the Government of Singapore Investment Corp., which owns warehouses and other logistic assets mostly in China and Japan, it made a US$305.4 million loss in the corresponding quarter of last year.

Revenue for the three months ended December 31, 2010 rose 12.9 per cent to US$125.2 million, mainly due to completion and stabilisation of GLP’s projects in China.

For the first nine months, GLP registered a net profit of US$673.6 million, compared to a loss of US$291.5 million in the year ago period.

Revenue increased by 13.8 per cent to US$349.4 million in the nine months, primarily driven by the strengthening of the Japanese Yen against the US dollar.

The company, listed on the Singapore Exchange in October last year, said it continues to see strong demand in China and enjoy a stable portfolio in Japan.

Source : Channel NewsAsia – 14 Feb 2011

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