GLP’s 3Q earnings surge 67%, China operations shine
GLP’s 3Q earnings surge 67%, China operations shine
http://www.theedgemarkets.com/sg/article/glp’s-3q-earnings-surge-67-china-operations-shine
SINGAPORE (Feb 4): Global Logistic Properties reported a 64% jump in 3Q earnings to US$184 million ($262 million).
This was due to its China earnings, which were up 50%, driven by higher asset values, rent growth and continued leasing of developments.
Leasing in China was up 27% and same-property portfolio rents went up 4.6% for the period.
Japan’s earnings also leaped 34% on the back of higher development completions of its logistic facilities.
Revenue increased 11% to US$199 million, owing to the completion of projects in China and the management fee income from GLP US Income Partners I.
GLP says it has completed US$516 million worth of modern logistic facilities during the period, which translates to US$67 million in development gains.
It remains confident it can meet its FY16 guidance.
GLP ended 2.7% lower at $1.62 on Wednesday.