Global Logistic Properties Limited (GLP) has announced its financial results for the third quarter of 2014. It reported revenue of $179m, an increase of 1% compared with Q3 of 2013. The company also recorded earnings of $112m, which represented a decline of 36% year-on-year. Accordingly GLP’s Q3 margin stood at 62.57%.
The growth in revenue recorded during Q3 was based on strong operational results in China and further expansion of GLP’s fund management platform. On a pro-forma basis GLP’s earnings were 36% lower than during Q3 2013. Theis was mainly due to higher Japan revaluation gains in the prior year period. Pro-forma earnings excluding revaluation gains were up 58%.
Ming Mei, Co-Founder and Chief Executive Officer of GLP said, “Q3 saw continued leasing and development momentum in China. This year, we brought several new investors into our China business, and these strategic partners are expected to strengthen GLP’s land sourcing capabilities and generate new business opportunities. We are also pleased to further grow our fund management platform with our announced entry into the US logistics market.”
During the quarter, GLP completed 630,000 sq m of developments in China with a total investment cost of $308m. GLP’s effective share was $138m and the company recognized $40m of development revaluation gains.
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