SINGAPORE (Nov 8): GLP, the provider of modern logistics facilities, reported a 52% increase in 2Q earnings to US$173 million ($240 million) from a year ago, primarily due to higher EBIT, partially offset by higher net finance costs.
EBIT increased to US$312.7 million from a year ago due to higher share of results of associates and joint ventures which more than doubled to US$190.7 million from a year ago.
Revenue came in 13% higher at US$214 million mainly attributable to the completion and stabilisation of development projects in China and higher management fee income from the US and Japan which came in 25% higher at US$47 million, up 25%.
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