GLP

GLP: (S$1.85) 4QFY16 earnings lifted by China asset values and US fee income
- 4QFY16 net profit US$152.7m (+45.7% y/y), core net profit US$51.7m (-21%) bringing FY16 core earnings to US$240.9m (+20%) or 103% of street estimates
- Revenue expanded 19.4% to US$199.1m
- mainly from completion and stabilisation of development projects in China, increasing rents and the inclusion of management fee income from GLP US Income Partners I and II
- Overall development starts and completions for the year amounted to US$2.8b and US$2.1b , meeting 97% and 105% of FY16 targets