Global Logistic Properties says net profit for the three months ended Sept 30, 2012 dipped 3.1% to US$195 million (S$238 million) from US$201 million a year ago as higher costs offset strong revenue.
Revenue for the quarter rose to US$173 million from US$139 million a year earlier, due mainly to higher rents, the completion of projects in China, and a sustained performance from its properties in Japan.
But the additional leasable area led to increases in property-related expenses. With an expanded portfolio and new developments, the company also incurred higher staffing and professional costs.
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