GLP’s profits rocketed by almost 50% to a whopping $268.1m

Joint ventures and investments abroad proved lucrative.

GLP’s impressive half-year results have freshly signed leases and rent contributions from China, Brazil, and Japan to thank for.

“In China, 690k sqm of new leases were signed – up 29% YoY – and rent growth on renewal increased 7.3% YoY. That said, the lease ratio decreased 3% QoQ to 88% (group expects ~90% in FY16),” a report from OCBC said.

“We highlight that GLP also moderated its Chinese FY16 development targets (starts from US$2.2b to US$1.6b; completions from US$1.4b to US$1.1b),” the report added.

Meanwhile, the group foresees stable operations in Japan and Brazil in the future.