Singapore's leading logistic company Global Logistic Properties said net profit in the quarter ending December 31 edged down by 4.8 percent. The dip in net earnings to $363m (US$256.1m) was due largely to a one-time US syndication gain last year, the company said.
GLP, one of the world's largest real estate fund managers with assets under management of US$38 billion, said the dip in net profit does not reflect the company's global business prospects."New developments are proceeding at a healthy pace, in line with our projections, as we continue to maintain sound investment discipline while growing our portfolio. Our fund management platform continues to deliver strong performance and is a key area of growth going forward," GLP CEO Ming Z. Mei said, according to Singapore Business Review.
In the second quarter, Singapore's leading warehouse operator and real estate fund manager had recorded a 52 percent rise in net profits, driven by rising incomes from development projects in China and continued expansion of fund management platform.
Bloomberg had reported in November that an investor group that includes sovereign wealth fund China Investment Corp (CIC) raised interest to take over GLP. However, GLP said it was not in discussions with any group. Since that time, Singapore mainboard-listed GLP's shares soared 46 percent.
Another Bloomberg report in January said private equity firms Blackstone Group LP and Warburg Pincus, as well as a Chinese investment group were in the fray for the Singapore warehouse operator. The suitors have placed a February deadline for snapping up GLP in a deal worth around US$11.3 billion (S$16.1 billion).
Global Logistic owns and manages a global portfolio of 53 million square meters with dominant market positions in China, Japan, US and Brazil.