Business

GIC-backed GLP net profit jumps 62%

Global Logistic Properties (GLP), the GIC-backed owner of modern warehouses and distribution centres, posted a 62 per cent surge in fourth-quarter net profit to US$247 million (S$342 million), driven by higher asset values.

Revenue for the three months ending March 31 rose 14 per cent to US$227 million, GLP said.

After adjusting for non-recurring items, core earnings for the quarter dropped 5 per cent year-on-year mainly due to lower contribution from its second US portfolio following its syndication.

Full-year net profit rose 10.4 per cent to a record US$793.7 million.

GLP said its development and fund management businesses delivered strong recurring income, with development pre-tax profit of US$266 million and fund fees up 21 per cent to US$181 million.

New and renewal leases were up 35 per cent year on year to 13.3 million sq m. -THE STRAITS TIMES

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