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Global Logistic Properties net profit falls 29% in Q4

The logistics facilities provider's group revenue for the quarter went up due to the completion and lease of developments in China though.

SINGAPORE: Global Logistic Properties (GLP) reported a 29 per cent decline in its fourth quarter net profit to US$160 million (S$200 million).

Group revenue in the three months ended March 31, 2014 was, however, 20 per cent higher at US$150 million. This was driven by the completion and lease of developments in China.

Increasing rents and continued growth in GLP's fund management platform also helped boost revenue, said the provider of logistics facilities in China, Japan and Brazil.

Meanwhile, GLP's full-year net profit remained flat at US$685 million.

But group revenue for the full year fell 7 per cent to US$598 million from last year, mainly due to the sale of properties to GLP J-REIT, and foreign exchange movements.

Adjusting for these items, group revenue increased by 20 per cent, driven mainly by the lease-up of development projects and continued rental growth in China.

The company has recommended an ordinary dividend of 4.5 Singapore cents per share, an increase of 13 per cent over last year's dividend.

Looking ahead, Jeffrey H. Schwartz, co-founder of GLP and Chairman of its Executive Committee, said the company is confident of accelerating its growth, and meeting its target of initiating US$2.7 billion of development starts in China, Japan and Brazil in FY15.

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