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Global Logistic Properties (GLP) (GLPL.SI), which owns warehouses and other logistics assets in China and Japan, said on Monday its second quarter net profit rose 179% from a year ago, helped by higher rental income, a stronger yen and revaluation gains.
GLP, whose majority shareholder is Singapore sovereign wealth fund GIC, said net profit for the quarter ended Sept 30 was US$90.9 million ($119.7 million), nearly triple the US$32.6 million earned a year ago.
GLP raised US$3 billion in October in what was Singapore’s second largest initial public offering after Singtel’s (STEL.SI) listing in 1993. The earnings report for the three months ended September is its first after listing.
