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GLP reports 3.4% on-year rise on Q3 net profit

April 13th, 2012 · No Comments

Global Logistic Properties (GLP) declares that its third quarter net profit increases by 3.4 per cent year-on-year to US$86.3 million.

This was brought about  by higher revenue contribution derive from its new properties situated in China.

Revenue for the quarter ended Dec 31 escalated by  18.8 percent to US$144.7 million from the previous year.

GLP, owner of some properties found in  China and Japan, maintain that its revenue obtain from properties in China  rose by 81 percent to US$41.5 million.

The company declares that the higher revenue in China is primarily by reason of the completion and stabilisation of the group’s development projects, raising the leasable area of the properties owned by the subsidiaries in China and the acquisition of Airport City Development in January of  last year.

For the meantime, Mr. Jeffrey H. Schwartz, Deputy Chairman and Chairman of the Executive Committee of GLP says “growth in retail sales in China remained at a healthy pace of 17 percent over the past year. Due to the robust demand, we are currently 70 percent preleased on developments which are being delivered through March 2012.”

Mr. Ming Z. Mei, Chief Executive Officer of GLP, confide that the company is presently in different  stages of discussions with customers regarding the 4.0 million square metres (sqm) of space in China.

He is also positive  of the company’s prospects in China and Japan going forward.

Mr Ming says “we see growth opportunities in both China and Japan and we will focus on continuing to grow our footprint profitably while extending our value chain of services that help our customers do business better.”

This latest quarter has also witness GLP expand their footprint into four new cities – Greater Hefei, Greater Jinan, Langfang and X’ian.

The leasing momentum in China has increase by 52 percent with 135,000 sqm in new and expansion leases signed.

“We have sufficient balance sheet capacity to prudently fund our growth initiatives,” Mr Schwartz said.

GLP possess US$1.8 billion in cash on its balance sheets, with a net debt to total assets ratio of 22 percent.

In reply to a query made during a conference call regarding the company’s effect to an expected downturn, Schwartz said: “We remain cautious and are monitoring the situation in Europe closely and that is one reason why we are managing a relatively conservative balance sheet.”







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