Global Logistic Properties’ profit dipped 38.3% to $115.5m in Q2

Property-related expenses increased by 29.7%.

Mainboard-listed Global Logistic Properties recorded a 38.3% year-on-year decline in its profit after tax and minority interest (PATMI) for 2QFY15. This quarter’s PATMI dipped to $115.45m (US$ 89.47m) from $187.1m (US$145m) in the same period last year.

Property-related expenses also increased by 29.7% year-on-year in Q2 to $46.06m (US$35.7m) from $35.5m (US$27.5m) a year ago.

The increase was mainly attributable to the completion of development projects in China and the inclusion of expenses of the Brazil portfolio acquired in June 2014, partially offset by the weakening of the Japanese Yen against the U.S. Dollar and the sale of 11 properties in Japan to GLP J-REIT in March 2014 and September 2014.