Global Logistic Properties' profits soared 56% to US$176.2m

Thanks to improved operating performance.

According to DBS, Global Logistic Properties reported 3QFY14 revenue of US$171m, down 1.5% y-o-y on divestment of properties into the J-REIT but was 22% higher q- o-q with the recognition of deferred rental revenue at GLP Beijing Airport Logistics Park.

Meanwhile, its PATMI (before adjustment of capital distributions for perpetual securities) jumped 56% y-o-y to US$176.2m on better operating performance as well as much lower forex exchange loss of US$4.4m (vs US$34.1m previously). Stripping out revaluations, bottomline would have been US$78m, still 37% higher than a year ago, despite an income vacuum post the divestment of assets to GLP J-REIT.