Global Logistic Properties posts 43% increase in Q4 earnings of $283mil

Global Logistic Properties (GLP) posted a 43% rise in earnings of US$224 million ($283 million) for the three months ending March 31 despite an 18% fall in revenues to US$125.1 million.

This rise in Q4 earnings was due to revaluation gains and foreign exchange gains arising from hedging cash proceeds from the contribution of assets to the J-REIT.

GLP attributed its lower revenue to the divestment of 33 properties in Japan to GLP J-REIT, which was listed in December 2012.

GLP owns and operates warehouses in China, Japan and Brazil.