Global Logistic Properties Ltd. (MC0.SG), a target of acquisition by a Chinese private-equity consortium, on Tuesday said its fiscal first-quarter net profit fell 29% from a year earlier, due in large part to lower revaluation gains.
Net profit in the June quarter fell to US$144.2 million from US$202.9 million a year earlier, the company said in a statement to the Singapore Exchange. Earnings excluding revaluations rose more than 100% due to foreign exchange movements.
Continue Reading Below
Revenue rose 27% to US$261.8 million, the warehousing company said.
In a separate statement, Nesta Investment Holdings, which has made a US$11.6 billion offer to buy the company, said it intends to continue the existing businesses and operations of the company in their current form. It also intends to retain the existing management team led by Chief Executive Ming Mei and the company's current employees.
Nesta, a consortium of China's Hopu Investment Management, Hillhouse Capital Group, real-estate developer China Vanke Co. (2202.HK) and the financial-service investment arm of Bank of China backed by Global Logistic's senior executives, last month trumped an offer by a Warburg Pincus-led consortium for the company.
Global Logistic said the offer, backed by its principal shareholder, Singapore's sovereign wealth fund GIC Pte., is "superior and value-enhancing for all shareholders."
Write to Gaurav Raghuvanshi at email@example.com
(END) Dow Jones Newswires
August 07, 2017 20:37 ET (00:37 GMT)