Cbl & Associates Properties (CBL) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $68.83 million, or $ 0.34 a share in the quarter, against a net loss of $22.26 million, or $0.20 a share in the last year period.
Revenue during the quarter dropped 6.89 percent to $258.49 million from $277.63 million in the previous year period.
Cost of revenue went down marginally by 2.97 percent or $4.31 million during the quarter to $140.91 million. Gross margin for the quarter contracted 221 basis points over the previous year period to 45.49 percent.
Total expenses were $157.48 million for the quarter, down 41.45 percent or $111.46 million from year-ago period. Operating margin for the quarter expanded 3595 basis points over the previous year period to 39.08 percent.
Operating income for the quarter was $101.02 million, compared with $8.69 million in the previous year period.
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $0.70 to $0.77.
Revenue from real estate activities during the quarter declined 6.89 percent or $19.14 million to $258.49 million.
Income from operating leases during the quarter dropped 5.66 percent or $10.53 million to $175.49 million. Revenue from tenant reimbursements was $67.49 million for the quarter, down 8.13 percent or $5.97 million from year-ago period.
Income from management fees during the quarter jumped 48.66 percent or $1.34 million to $4.10 million. Revenue from other real estate activities during the quarter was $11.42 million, down 25.81 percent or $3.97 million from year-ago period.
Net receivables were at $117.71 million as on Dec. 31, 2016, down 4.68 percent or $5.78 million from year-ago.
Total assets declined 5.79 percent or $375.35 million to $6,104.64 million on Dec. 31, 2016. On the other hand, total liabilities were at $4,745.79 million as on Dec. 31, 2016, down 6.12 percent or $309.27 million from year-ago.
Return on assets moved up 172 basis points to 1.94 percent in the quarter. Return on equity was at 4.30 percent in the quarter against a negative 2.39 percent in the last year period.
Debt comes downTotal debt was at $4,465.29 million as on Dec. 31, 2016, down 5.21 percent or $245.33 million from year-ago. Shareholders equity stood at $1,340.85 million as on Dec. 31, 2016, down 4.20 percent or $58.75 million from year-ago. As a result, debt to equity ratio went down 4 basis points to 3.33 percent in the quarter. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
