GLP net profit dips 4.8% to $363m in Q3

Blame the one-time US syndication gain last year.

Leading modern logistics facilities provider Global Logistic Properties reported a slight dip in its earnings for the past quarter ending in December, down 4.8% to US$256.1m ($363m).

The dip in its profits is due to a one-time syndication gain last year related to its first US portfolio and higher non-cash accounting foreign exchange losses.

GLP CEO Ming Z. Mei noted that demand for GLP's logistics facilities remains robust globally, with new and renewal leases up 42% YoY.

"New developments are proceeding at a healthy pace, in line with our projections, as we continue to maintain sound investment discipline while growing our portfolio. Our fund management platform continues to deliver strong performance and is a key area of growth going forward,” Mei noted.