GLP reports 53.7% increase in Q1 net profit

Global Logistic Properties (GLP) has reported a 53.7 per cent increase in first quarter (ended June 30) net profit to US$153 million (S$190.6 million), driven by a strong operational performance in China and growth in its Japanese fund management platform.

Asia’s largest logistic facilities provider said turnover rose 32 per cent year-on-year to US$170.5 million (S$212.4 million), boosted by a 75 per cent jump in revenue from China operations to US$56.6 million.

In a statement to the Singapore Exchange, the majority government-owned GLP said it expects continued strong demand for its services in both China and Japan, its key markets.

“China and Japan both remain attractive markets, with strong demand and a limited supply of modern logistic facilities,” said GLP’s deputy chairman and co-founder Jeffrey H Schwartz.

“Our leading position in these countries and strong teams continue to drive our performance,” said Mr Schwartz.

Source : Channel NewsAsia – 14 Aug 2012

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