GLP posts US$49.2m Q4 net profit

Global Logistic Properties (GLP) posted a net profit of US$49.2 million for its fourth quarter ended March 2011.

That is a 63 per cent drop from a year ago, when it posted a net profit of about US$133 million.

GLP, a listed company which owns warehouses and other logistic assets in China and Japan, said its Japanese properties sustained minor damages from the Japanese earthquake, which contributed to revaluation losses of US$8.9 million.

GLP’s revenues recorded strong growth over the year, driven by better operational performance from its Chinese and Japanese properties, as well as higher gains from a stronger yen.

GLP posted its fourth-quarter revenue of US$124.4 million, up 17 percent on-year.

It also reported higher earnings before tax of US$89.6 million for its fourth quarter, an increase of 9.5 per cent on-year.

GLP’s revenue for the full-year ended March 2011 amounts to US$706 million.

Going forward, GLP said it will ride on the booming logistic industry in China.

It said it will benefit from Japan’s ongoing demand for modern logistic facilities, despite the damages caused by the Japanese earthquake.

Source : Channel NewsAsia – 30 May 2011

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