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Monmouth Real Estate Investment Corp. (MNR) has reported a 7.47 percent fall in profit for the quarter ended Jun. 30, 2015. The company has earned $5.18 million, or $0.05 a share in the quarter, compared with $5.59 million, or $0.07 a share for the same period last year.
Revenue during the quarter grew 22.16 percent to $20.67 million from $16.92 million in the previous year period.
Cost of revenue surged 31.63 percent or $0.63 million during the quarter to $2.63 million. Gross margin for the quarter was stable at $87.28 million, when compared with the previous year period.
Total expenses were $11.35 million for the quarter, up 28.83 percent or $2.54 million from year-ago period. Operating margin for the quarter contracted 285 basis points over the previous year period to 45.09 percent.
Operating income for the quarter was $9.32 million, compared with $8.11 million in the previous year period.
Revenue from real estate activities during the quarter increased 22.16 percent or $3.75 million to $20.67 million.
Income from operating leases during the quarter rose 28.93 percent or $3.87 million to $17.26 million. Revenue from tenant reimbursements was $3.42 million for the quarter, up 44.99 percent or $1.06 million from year-ago period.
Operating cash flow falls marginally
Monmouth Real Estate Investment Corp. has generated cash of $28.28 million from operating activities during the nine month period, down 2.02 percent or $0.58 million, when compared with the last year period.
The company has spent $151.75 million cash to meet investing activities during the nine month period as against cash outgo of $101.15 million in the last year period.
Cash flow from financing activities was $117.04 million for the nine month period, up 14.09 percent or $14.45 million, when compared with the last year period.
Cash and cash equivalents stood at $14.05 million as on Jun. 30, 2015, down 67.10 percent or $28.66 million from $42.72 million on Jun. 30, 2014.
Net receivables were at $0.73 million as on Jun. 30, 2015, up 74.18 percent or $0.31 million from year-ago.
Investments stood at $48.85 million as on Jun. 30, 2015, down 19.44 percent or $11.79 million from year-ago.
Total assets grew 18.54 percent or $137.12 million to $876.51 million on Jun. 30, 2015. On the other hand, total liabilities were at $441.32 million as on Jun. 30, 2015, up 39.72 percent or $125.47 million from year-ago.
Return on assets moved down 18 basis points to 1.14 percent in the quarter. At the same time, return on equity moved down 12 basis points to 0.69 percent in the quarter.
Total debt was at $430.17 million as on Jun. 30, 2015, up 41.01 percent or $125.10 million from year-ago. Shareholders equity stood at $435.19 million as on Jun. 30, 2015, up 2.75 percent or $11.65 million from year-ago. As a result, debt to equity ratio went up 27 basis points to 0.99 percent in the quarter.
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