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27 June, 2017 04:05 IST
Preferred Apartment Communities swings to first-quarter profit on a YOY basis
Source: IRIS | 20 Jun, 2017, 02.03AM

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Preferred Apartment Communities, Inc (APTS) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $29.06 million, or $ 0.54 a share in the quarter, against a net loss of $3.30 million, or $0.49 a share in the last year period.     

Revenue during the quarter surged 59.48 percent to $66.56 million from $41.74 million in the previous year period.

Cost of revenue surged 52.78 percent or $2.73 million during the quarter to $7.90 million. Gross margin for the quarter expanded 52 basis points over the previous year period to 88.13 percent.

Total expenses were $52.22 million for the quarter, up 44.12 percent or $15.98 million from year-ago period. Operating margin for the quarter expanded 836 basis points over the previous year period to 21.55 percent.

Operating income for the quarter was $14.35 million, compared with $5.51 million in the previous year period.

Revenue from real estate activities during the quarter surged 58.50 percent or $22.79 million to $61.75 million.

Income from operating leases during the quarter surged 60.55 percent or $17.11 million to $45.36 million.

Income from management fees during the quarter increased 14.49 percent or $1.01 million to $7.95 million. Revenue from other real estate activities during the quarter was $8.44 million, up 124.36 percent or $4.68 million from year-ago period.

Operating cash flow improves significantly
Preferred Apartment Communities, Inc has generated cash of $
18.28 million from operating activities during the quarter, up 36.49 percent or $4.89 million, when compared with the last year period.

The company has spent $69.51 million cash to meet investing activities during the quarter as against cash outgo of $252.96 million in the last year period.

Cash flow from financing activities was $52.27 million for the quarter, down 78.38 percent or $189.56 million, when compared with the last year period.

Cash and cash equivalents stood at $13.37 million as on Mar. 31, 2017, up 184.15 percent or $8.66 million from $4.70 million on Mar. 31, 2016.

Receivables remain almost stable
Net receivables stood at $
38.90 million as on Mar. 31, 2017.  

Total assets stood at $2,544.43million as on Mar. 31, 2017. On the other hand, total liabilities were at $1,577.17 million as on Mar. 31, 2017.

Return on assets was at 1.77 percent in the quarter. At the same time, return on equity was at 3 percent in the quarter.

Total debt was at $1,497.90 million as on Mar. 31, 2017. Shareholders equity was at $967.26 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 1.55 percent in the quarter.

Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net



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