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GLP reports record FY earnings of US$794 mil

PC Lee Published on Fri, May 19, 2017 / 7:28 AM GMT+8

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SINGAPORE (May 19): GLP, the global provider of modern logistics facilities, reported its highest ever earnings of US$794 million ($1.1 billion) for FY17 ended March. Revenue came in 13% higher at US$880 million.

As for its strategic review, GLP says the special committee remains in discussions with several parties whom it shortlisted following its evaluation of non-binding proposals received and the due diligence process is ongoing. However, no definitive transaction has been entered into by GLP with any party.

GLP exceeded its FY17 development targets, starting US$2.2 billion of developments and completing US$1.6 billion of projects during the year. The company achieved an average development profit margin of 28% in FY17. This generated a record US$266 million of development profit for GLP, despite lower completions.