Getty Realty Corporation (GTY) has reported 58.14 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $8.33 million, or $0.24 a share in the quarter, compared with $19.89 million, or $0.59 a share for the same period last year. On an adjusted basis, earnings per share were at $0.43 for the quarter compared with $0.68 in the same period last year. Revenue during the quarter went down marginally by 0.24 percent to $29.72 million from $29.79 million in the previous year period.
Cost of revenue rose 16.17 percent or $0.91 million during the quarter to $6.56 million. Gross margin for the quarter contracted 312 basis points over the previous year period to 77.93 percent.
Total expenses were $15.91 million for the quarter, down 5.04 percent or $0.84 million from year-ago period. Operating margin for the quarter expanded 271 basis points over the previous year period to 46.46 percent.
Operating income for the quarter was $13.81 million, compared with $13.03 million in the previous year period.
"Our portfolio of well-located convenience store and gasoline station properties helped us drive a strong year of cash flow and AFFO per share growth that resulted in robust shareholder returns in 2016" commented, Christopher J. Constant, Gettys president chief executive officer. "These results illustrate the successful efforts we have undertaken over the past several years to strengthen the leadership team and reposition our portfolio, which should enable the Company to deliver sustained growth over time. With a stable portfolio, we expect 2017 to be a building year as we turn our focus to executing on value creating opportunities. Our efforts include harvesting our pipeline of potential acquisitions and redeveloping several of our existing properties. We are confident that with all that we have already accomplished, along with the investments we intend to make this year, Getty is poised for attractive growth in the years to come."
Net receivables were at $36.86 million as on Dec. 31, 2016, down 28.34 percent or $14.58 million from year-ago.
Investments stood at $661.59 million as on Dec. 31, 2016, down 2.11 percent or $14.27 million from year-ago.
Total assets went down marginally by 2.43 percent or $21.82 million to $877.31 million on Dec. 31, 2016. On the other hand, total liabilities were at $446.39 million as on Dec. 31, 2016, down 9.38 percent or $46.18 million from year-ago.
Return on assets moved down 98 basis points to 1.76 percent in the quarter. At the same time, return on equity moved down 296 basis points to 1.93 percent in the quarter.
Debt comes down
Total debt was at $298.54 million as on Dec. 31, 2016, down 5.85 percent or $18.55 million from year-ago. Shareholders equity stood at $430.92 million as on Dec. 31, 2016, up 5.99 percent or $24.36 million from year-ago. As a result, debt to equity ratio went down 9 basis points to 0.69 percent in the quarter.
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