China Logistics Property profit up 34pc to US$82.1 million, sales rise 44pc
CHINA Logistics Property Holdings (CNLP) adjusted net profit in 2018 increased 34 per cent year on year to CNY554 million (US$82
CHINA Logistics Property Holdings (CNLP) adjusted net profit in 2018 increased 34 per cent year on year to CNY554 million (US$82.1 million) drawn on revenues of CNY582 million, up 44 per cent, the company claimed.
The group's occupancy rate reached 92.4 per cent, compared to 89.8 per cent last year. As of December 31, the company held 191 logistics facilities that were in operations and under construction spanning 4.1 million square metres, with an additional 3.7 million square metres of land reserve.
'2018 was a year of great significance. The group did not only record strong business and financial growth across core operations, but also repeatedly gained recognition from the capital markets,' said CNLP chairman and president Li Shifa.
'Last year, we continued to achieve ultra-high occupancy rate with our premium logistic facilities and nimble leasing strategies. Meanwhile, we also proactively built new facilities and maintained abundant land reserve to realise economy of scale and sustainable growth,' said Mr Li.
'The fund business we commenced last year has already been attracted institutional investment giants - LaSalle and ICBC. We are also delighted to be part of the Hang Seng Composite Small Cap Index and Shenzhen Stock Connect,' he said.
The company said China's logistics facilities are far behind that in the developed economies, both in terms of quantity or quality. The Chinese government has indicated its long-term goal to further reduce the ratio of the total social logistics cost to GDP from 14.8 per cent now to around 12 per cent by 2025, said the release.