Kimco Realty Corp. (KIM) has reported 60.16 percent plunge in profit for the quarter ended Sep. 30, 2015. The company has earned $77.57 million, or $0.15 a share in the quarter, compared with $194.71 million, or $0.44 a share for the same period last year. Revenue during the quarter grew 12.99 percent to $288.38 million from $255.23 million in the previous year period.
Cost of revenue rose 12.72 percent or $4.45 million during the quarter to $39.48 million. Gross margin for the quarter was stable at $86.31 million, when compared with the previous year period.
Total expenses were $213.40 million for the quarter, up 29.45 percent or $48.55 million from year-ago period. Operating margin for the quarter contracted 941 basis points over the previous year period to 26 percent.
Operating income for the quarter was $74.99 million, compared with $90.39 million in the previous year period.
Revenue from real estate activities during the quarter increased 12.99 percent or $33.15 million to $288.38 million.
Income from management fees during the quarter plunged 42.45 percent or $3.68 million to $5 million.
Operating cash flow improves marginally
Kimco Realty Corp. has generated cash of $517.28 million from operating activities during the nine month period, up 1.43 percent or $7.28 million, when compared with the last year period.
The company has spent $520.12 million cash to meet investing activities during the nine month period as against cash outgo of $72.09 million in the last year period. It has incurred net capital expenditure of $238.44 million on net basis during the nine month period, up 21.33 percent or $64.66 million from year ago period.
The company has spent $3.57 million cash to carry out financing activities during the nine month period as against cash outgo of $432.49 million in the last year period.
Cash and cash equivalents stood at $180.91 million as on Sep. 30, 2015, up 17.33 percent or $26.72 million from $154.19 million on Sep. 30, 2014.
Receivables move up
Net receivables were at $172.76 million as on Sep. 30, 2015, up 7.20 percent or $11.60 million from year-ago.
Investments stood at $38.40 million as on Sep. 30, 2015, down 61.55 percent or $61.45 million from year-ago.
Total assets grew 10.89 percent or $1,120.77 million to $11,413.98 million on Sep. 30, 2015. On the other hand, total liabilities were at $6,231.59 million as on Sep. 30, 2015, up 16.13 percent or $865.49 million from year-ago.
Return on assets moved down 58 basis points to 0.94 percent in the quarter. At the same time, return on equity moved down 254 basis points to 1.28 percent in the quarter.
Debt moves up
Total debt was at $5,498.59 million as on Sep. 30, 2015, up 17.06 percent or $801.27 million from year-ago. Shareholders equity stood at $4,927.71 million as on Sep. 30, 2015, up 4.57 percent or $215.24 million from year-ago. As a result, debt to equity ratio went up 6953 basis points to 1.08 percent in the quarter.
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