Paramount Group, Inc (PGRE) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $0.37 million in the quarter, against a net loss of $6.49 million in the last year period. Revenue during the quarter grew 4.81 percent to $181.24 million from $172.92 million in the previous year period.
Total expenses were $142.82 million for the quarter, down 6.44 percent or $9.83 million from year-ago period. Operating margin for the quarter expanded 948 basis points over the previous year period to 21.20 percent.
Operating income for the quarter was $38.42 million, compared with $20.26 million in the previous year period.
Revenue from real estate activities during the quarter increased 4.81 percent or $8.32 million to $181.24 million.
Income from operating leases during the quarter rose 10.01 percent or $14.14 million to $155.39 million. Revenue from tenant reimbursements was $12.85 million for the quarter, up 19.12 percent or $2.06 million from year-ago period.
Income from management fees during the quarter plunged 37.76 percent or $7.88 million to $12.99 million.
Receivables move up marginally
Net receivables were at $12.56 million as on Mar. 31, 2017, up 3.90 percent or $0.47 million from year-ago. Accounts payable stood at $88.25 million as on Mar. 31, 2017. Real estate investments stood at $35.96 million as on Mar. 31, 2017, up 5.76 percent or $1.96 million from year-ago. Investments stood at $49.53 million as on Mar. 31, 2017, up 131.47 percent or $28.13 million from year-ago.
Total assets grew 5.73 percent or $481.46 million to $8,885.51 million on Mar. 31, 2017. On the other hand, total liabilities were at $4,040.16 million as on Mar. 31, 2017, up 15.34 percent or $537.41 million from year-ago.
Return on assets was at 0.02 percent in the quarter against a negative 0.09 percent in the last year period. Return on equity was at 0.01 percent in the quarter against a negative 0.13 percent in the last year period.
Debt moves up
Total debt was at $3,677.80 million as on Mar. 31, 2017, up 24.09 percent or $713.96 million from year-ago. Shareholders equity stood at $4,845.36 million as on Mar. 31, 2017, down 1.14 percent or $55.95 million from year-ago. As a result, debt to equity ratio went up 15 basis points to 0.76 percent in the quarter.
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