Government Propertiesome Trust (GOV) has reported a 57.35 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $7.42 million, or $0.10 a share in the quarter, compared with $17.39 million, or $0.24 a share for the same period last year. Revenue during the quarter grew 8.94 percent to $69.30 million from $63.61 million in the previous year period.
Cost of revenue rose 6.85 percent or $0.52 million during the quarter to $8.18 million. Gross margin for the quarter expanded 23 basis points over the previous year period to 88.20 percent.
Total expenses were $51.24 million for the quarter, up 9.63 percent or $4.50 million from year-ago period. Operating margin for the quarter contracted 47 basis points over the previous year period to 26.05 percent.
Operating income for the quarter was $18.05 million, compared with $16.87 million in the previous year period.
David Blackman, president and chief operating officer of GOV, made the following statement: "Government Properties Income Trust continued its solid leasing performance during the first quarter, executing over 360,000 square feet of new and renewal leases for a weighted average lease term in excess of 10 years, a 5.2% increase in rents over previous rents for the same space, and leasing capital and concessions of $0.59 per square foot per lease year. Year over year, our consolidated occupancy increased 20 basis points to 95.1% as a result of our strong leasing performance."
Receivables remain almost stable
Net receivables stood at $50.46 million as on Mar. 31, 2017. Total assets stood at $2,377.05million as on Mar. 31, 2017. On the other hand, total liabilities were at $1,448.48 million as on Mar. 31, 2017.
Return on assets was at 0.89 percent in the quarter. At the same time, return on equity was at 0.80 percent in the quarter.
Total debt was at $1,381.97 million as on Mar. 31, 2017. Shareholders equity was at $928.57 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 1.49 percent in the quarter.
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