Global Logistic Properties Ltd., amid an ongoing privatization, recorded a 29% year-over-year decrease in its profit after tax and minority interests, or PATMI, to roughly US$144.2 million in the quarter ended June 30 from US$202.9 million.
The company said in a release that the decline is due to lower revaluations in the reporting quarter, noting that without revaluations, its PATMI would have been up year on year by 130.7% to US$89.0 million from about US$38.6 million, due to foreign exchange movements.
For the first quarter of fiscal 2018, GLP's EPS fell 25.4% year on year to 3.06 cents from 4.10 cents, according to its earnings statement.
In the comparable period, earnings before interest was down 31.9% to about US$263.5 million from US$387.1 million; profit from operating activities, including results of associates and joint ventures, saw a 2.2% decline to approximately US$167.5 million from about US$171.4 million logged a year ago; and revenue saw a 26.7% uptick to about US$261.8 million
Separately, Nesta Investment Holdings Ltd., which intends to take GLP private, promised to keep the existing management of the target after the proposed takeover. The consortium, supported by investors including a unit of China Vanke Co. Ltd., said it recognizes the importance of management continuity for its global expansion strategy for the target, which includes the establishment of a new China fund and a possible expansion to Europe.