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Global Logistics Properties’ (GLP) revenue and net profit respectively surged by 32 percent and 34 percent to US$282 million and US$231 million on an annual basis in the quarter ended 30 September 2017 (Q2 FY2018).
According to an SGX filing released today (10 November), the Singapore-based warehouse landlord and operator posted healthy growth in earnings due to higher gains from revaluations and foreign exchange.
For 1H FY2018, revenue increased by 29 percent year-on-year to US$543 million, but net profit remained virtually unchanged at US$375 million.
As of 30 September 2017, the company accomplished 25 percent and 49 percent of its targets for development starts (US$2.2 billion) and completions (US$1.7 billion) respectively for the whole of FY2018.
In the same quarter, it signed 50 million sq ft of new and renewal leases, which represented a yearly growth of 38 percent. Rental growth across its global portfolio also remained robust, with the group recording a 4.6 percent gain in same-property net operating income (NOI) and 9.1 percent rental increments on lease renewals year-to-date.
“GLP continued to execute on our strategy of creating value by providing integrated solutions to grow and serve our logistics ecosystem. We have access to multiple funding levers and intend to continue executing our capital recycling strategy through our fund management platform,” said its Co-Founder and CEO Ming Mei.
This article was edited by Keshia Faculin.
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