Global Logistic Properties profits up 33.6% to US$231.26m in Q3

Thanks to higher revenue from projects and financial services in China.

Global Logistic Properties' (GLP) profits rose 33.6% YoY from $235.28m (US$173.06m) to $314.4m (US$231.26m) in Q3.

According to its financial statement, revenue increased by 31.9% YoY from $290.48m (US$213.66m) to $383m (US$281.71m).

The increase was mainly attributable to the revenue from financial services in China and from completion and stabilization of development projects in China with increasing rents. The increase was partially offset by the sale of properties to GLP J-REIT.

The profit from operating activities after shares of results of associates and joint ventures also rose 16.5% YoY from $259.27m (US$190.7m) to $302.04m (US$222.17m).

GLP's share of operating results from associates decreased fell during the quarter due to the disposition of GLP Ichikawa Shiohama property in Japan to GLP J-REIT in September. Meanwhile, share of fair value gains from associates increased thanks to its associates' properties in China, Japan, US and Brazil.

GLP has given out its scheme documents detailing the proposed privatisation of the company. A meeting will be held on 30 November 2017 to vote on the move.

Should the scheme of arrangement become effective, shareholders will receive $3.38 per share in cash by 19 January 2018.