SINGAPORE (Aug 8): GLP, the provider of modern logistics facilities, reported a 29% fall in 1Q18 earnings ended June to US$144 million ($196 million) from US$203 million a year ago.
GLP says this was due to lower revaluations in the quarter. Earnings excluding revaluations were up 131% to US$89 million, due to foreign exchange movements.
In 1Q18, revenue rose 27% to US$262 million from $207 million a year ago, thanks to stable core earnings excluding revaluations of US$71 million from US$69 million a year ago. This was also underpinned by recurring income from operations and the continued expansion of its fund management platform.