DDR (DDR) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $54.24 million, or $ 0.16 a share in the quarter, against a net profit of $45.57 million, or $0.11 a share in the last year period.
Revenue during the quarter dropped 5.50 percent to $240.42 million from $254.42 million in the previous year period.
Cost of revenue dropped 4.07 percent or $1.45 million during the quarter to $34.33 million. Gross margin for the quarter contracted 21 basis points over the previous year period to 85.72 percent.
Total expenses were $211.25 million for the quarter, up 12.47 percent or $23.43 million from year-ago period. Operating margin for the quarter contracted 1404 basis points over the previous year period to 12.13 percent.
Operating income for the quarter was $29.17 million, compared with $66.60 million in the previous year period.
Revenue from real estate activities during the quarter declined 5.50 percent or $14 million to $240.42 million.
Income from operating leases during the quarter dropped 5.79 percent or $10.38 million to $168.93 million. Revenue from tenant reimbursements was $57.48 million for the quarter, down 6.69 percent or $4.12 million from year-ago period.
Revenue from other real estate activities during the quarter was $14.02 million, up 3.67 percent or $0.50 million from year-ago period.
"DDR's new management team is excited to continue positioning the Company for future success. We are pleased to report ongoing progress lowering leverage, as well as organizational streamlining to fit the Company's current operating scale and to partially mitigate an expected modest decline in property profitability this year. Our best-in-class leasing team is making progress refilling vacancies from recent larger scale tenant bankruptcies, and I am confident DDR will emerge from a challenging 2017 well positioned to take advantage of an environment rich with opportunities arising from the current dynamic retail real estate markets," commented David R. Lukes, president and chief executive officer.
Net receivables were almost stable over the past one year at $167.45 million on Mar. 31, 2017.
Total assets declined 9.43 percent or $842.66 million to $8,092.97 million on Mar. 31, 2017. On the other hand, total liabilities were at $4,965.72 million as on Mar. 31, 2017, down 9.91 percent or $546.46 million from year-ago.
Return on assets was negative at 0.50 percent in the quarter against a positive 1.02 percent in the last year period. Return on equity was negative at 1.91 percent in the quarter against a positive 1.17 percent in the last year period.
Debt comes down Total debt was at $4,520.93 million as on Mar. 31, 2017, down 10.15 percent or $510.75 million from year-ago. Shareholders equity stood at $3,127.25 million as on Mar. 31, 2017, down 8.65 percent or $296.20 million from year-ago. As a result, debt to equity ratio went down 2 basis points to 1.45 percent in the quarter.
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