Global Logistic Properties (GLP), a wholly-owned subsidiary of Singapore sovereign wealth fund GIC, has announced that its net profit for the third quarter rose 2.1 percent to US$82.1 million, from the US$305.4 million recorded in the previous year.
Revenue climbed 12.9 percent to US$125.2 million, largely attributed to the completion and stabilisation of the company’s project in China.
GLP, which owns warehouses and other logistic assets, was listed in October 2010 after raising around S$3.9 billion, making it Singapore’s second largest IPO.