Transcontinental Realty Investors (TCI) saw its loss narrow to $4.55 million, or $55 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $6.60 million, or $0.79 a share. Revenue during the quarter grew 8.46 percent to $29.78 million from $27.46 million in the previous year period.
Cost of revenue rose 8.58 percent or $1.22 million during the quarter to $15.41 million. Gross margin for the quarter contracted 6 basis points over the previous year period to 48.25 percent.
Total expenses were $25.44 million for the quarter, up 3.67 percent or $0.90 million from year-ago period. Operating margin for the quarter expanded 394 basis points over the previous year period to 14.60 percent.
Operating income for the quarter was $4.35 million, compared with $2.93 million in the previous year period.
Revenue from real estate activities during the quarter increased 8.12 percent or $2.24 million to $29.78 million.
Other income during the quarter was $0.01 million, up 110.39 percent or $0.08 million from year-ago period.
"The Company believes there is no reason to adjust our strategic posture of maintaining a strong focus on our multi-family portfolio. We will also continue to solidify the portfolio and pay close attention to all operational details, while at the same time maintaining our commitment to creating value. We believe our third quarter 2016 operating results, combined with our recent acquisitions, demonstrates yet another quarter of stabilized performance for the Company. We believe the portfolio is well positioned to deliver solid financial returns for the remainder of 2016," said Danny Moos, the Companys chief executive officer and president. "We are pleased that we are seeing continued improvements in our operations from these endeavors and will continue to adapt to market challenges with an eye on both near term economic challenges and long-term prospects as the real estate market improves."
Receivables remain almost stableNet receivables stood at $164.07 million as on Sep. 30, 2016. Total assets stood at $1,151.55million as on Sep. 30, 2016. On the other hand, total liabilities were at $930.40 million as on Sep. 30, 2016.
Return on assets was at 0.79 percent in the quarter. Return on equity was negative at 2.16 percent in the quarter.
Total debt was at $817.27 million as on Sep. 30, 2016. Shareholders equity was at $221.14 million as on Sep. 30, 2016. Meanwhile, debt to equity ratio was at 3.70 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: [email protected]
