Warehouse operator Global Logistic Properties (GLP), which got acquired by a Chinese consortium earlier this year, reported a 34 percent jump in second-quarter profit, helped in part by the foreign exchange gains.
Net profit rose to US$231.3 million in the three months ended September 30 compared to US$173.1 million in the corresponding period last year.
Revenue for the quarter rose 32 percent to US$281.7 million, helped by revenue from financial services in China, and completion and stabilization of development projects in China, the company said in a regulatory filing.
EBIT increased to US$364.3 million during the three-month period from US$312.7 million last year due to higher fair value gains recognized for subsidiaries, associates and joint ventures.
Global Logistic Properties, in July, accepted offer from a Chinese consortium for S$16 billion in Asia's largest private equity buyout.
"The increase in revenue was mainly attributable to the revenue from financial services and the completion and stabilization of the Group's development projects with increasing rents," the company said in a statement.
GLP, with assets under management of US$39 billion, provides facilities in China, Japan, U.S. and Brazil. Its customers include Adidas, Coca-Cola, Loreal among others.
The Group's average lease ratio increased 1 percent quarter-over-quarter to 91 percent as of September 30.
GLP also announced a slew of executive appointments, including the appointment of Heather Xie, who is currently the chief financial officer (CFO), as the chairman and CEO of GLP Financial Services, based in Shanghai.
The new CFO will be Kaz Tsutsumi, who will continue to be global treasurer for GLP and CFO of GLP Japan. This will be effective from Jan 1, 2018.
The group has also appointed Alan Yang to be the chief investment officer, based in Los Angeles.
Shares in the company were unchanged at S$3.32 on the Singapore Exchange.
