Global Logistics Properties' profits jumped 27% to US$684m

Thanks to strong rent growth in China.

According to a release, Global Logistic Properties Limited's FY13 PATMI rose 27% to US$684 million, driven by strong development momentum and rent growth in China.

FY13 Group revenue rose 14% year-on-year to US$642 million, driven by development completions and continued rental growth in China.

Revenue in China was US$252 million, up 58% year-on-year. Japan revenue was US$388 million, 4% lower than the same period last year following income loss from the contribution of 33 properties to GLP J-REIT in 4QFY13 and depreciation of the Japanese Yen offset by substantial growth in fund management revenue.

FY13 Group EBIT and PATMI rose 30% and 27% respectively, driven by higher revenue and revaluation gains of US$425 million from investment properties and jointly-controlled entities. China EBIT grew by 39%, with PATMI up 28%. In Japan, EBIT and PATMI were up 3% and 4% respectively.

The Board has proposed the payment of a tax-exempt (one-tier) final dividend of 4 SGD cents per ordinary share in respect of FY13, 33% higher than last year. The proposed dividend, subject to shareholders’ approval at the Annual General Meeting, constitutes a payout ratio[2] of 44%.