SINGAPORE May 24 Singapore's Global Logistic
Properties (GLP) said on Thursday its fourth-quarter
net profit tripled from a year earlier, boosted by fair value
gains on its properties in China and Japan.
The company earned $156.5 million for the three months ended
in March, up from $49.2 million a year earlier. It recognised a
net fair value gain of $55.8 million for the quarter, compared
with a net fair value loss of $8.9 million a year earlier.
Net profit excluding revaluation rose 16 percent to $69.4
million on the back of a 23 percent increase in revenue.
GLP said the higher revenue was due mainly to the completion
and stabilisation of its development projects in China and
contributions from Transfar Logistics Base Co Ltd and Airport
City Development Co Ltd, as well as the strengthening of the
Japanese yen and Chinese yuan against the U.S. dollar.
GLP said it sees solid demand from various customer segments
in China. Demand from local companies in China accounted for an
increasing proportion of its business, it said.
Japan's economy has recovered from the earthquake and
tsunami in March 2011, GLP said, adding the country's logistics
industry has been driven by the third-party logistics market and
the e-commerce sector has seen strong growth.
(Reporting by Eveline Danubrata)