Global Logistic Properties, which raised $3.9 billion last month in Singapore’s biggest initial public offering since 1993, said second-quarter net income more than tripled.

Profit rose to US$85.4 million, or 4.9 cents a share, in the three months ended Sept. 30, from US$27 million, or 1.55 cents, a year earlier. Revenue increased 14% to US$113.3 million from US$99.8 million, it said in a statement to the Singapore exchange.

The overseas logistics unit of Government of Singapore Investment Corp., which planned to use $1.7 billion of the proceeds to expand in China and Japan, said earnings surged as it increased the leasable space in China and revenue from Japan was boosted by a stronger yen.

 

“In China, strong domestic demand continues to drive demand for logistics facilities,” Jeffrey Schwartz, executive director, said at a media briefing. “We are currently exploring new markets in China. The scarcity of logistics facilities in Japan will drive rental rates up.”

 

Global Logistic has gained 13% from the IPO sale price of $1.96, including an 11% jump on the first day of trading. Today, the shares rose 0.5% to $2.22 on the Singapore stock exchange. The stock was sold at the top end of the range marketed to investors.