VORNADO REALTY TRUST (VNO) has reported a 91.75 percent jump in profit for the quarter ended Jun. 30, 2015. The company has earned $186.02 million, or $0.87 a share in the quarter, compared with $97.01 million, or $0.41 a share for the same period last year.
Revenue during the quarter grew 7.29 percent to $616.29 million from $574.41 million in the previous year period.
Total expenses were $422.90 million for the quarter, up 9.80 percent or $37.75 million from year-ago period. Operating margin for the quarter contracted 157 basis points over the previous year period to 31.38 percent.
Operating income for the quarter was $193.39 million, compared with $189.27 million in the previous year period.
Revenue from real estate activities during the quarter increased 8.14 percent or $43.46 million to $577.06 million.
Income from operating leases during the quarter rose 7.60 percent or $36.35 million to $514.84 million. Revenue from tenant reimbursements was $62.22 million for the quarter, up 12.89 percent or $7.11 million from year-ago period.
Other income during the quarter was $39.23 million, down 3.87 percent or $1.58 million from year-ago period.
Operating cash flow drops significantly
VORNADO REALTY TRUST has generated cash of $184.62 million from operating activities during the first half, down 58.76 percent or $263.03 million, when compared with the last year period.
The company has spent $474.60 million cash to meet investing activities during the first six months as against cash outgo of $66.51 million in the last year period.
The company has spent $392.15 million cash to carry out financing activities during the first six months as against cash inflow of $406.81 million in the last year period.
Cash and cash equivalents stood at $516.34 million as on Jun. 30, 2015, down 62.34 percent or $854.89 million from $1,371.23 million on Jun. 30, 2014.
Net receivables were at $115.05 million as on Jun. 30, 2015, down 15.18 percent or $20.58 million from year-ago.
Investments stood at $159.99 million as on Jun. 30, 2015, down 22.68 percent or $46.93 million from year-ago.
Total assets declined 5.55 percent or $1,150.87 million to $19,585.91 million on Jun. 30, 2015. On the other hand, total liabilities were at $11,187.70 million as on Jun. 30, 2015, down 9.17 percent or $1,129.76 million from year-ago.
Return on assets moved up 43 basis points to 1.10 percent in the quarter. At the same time, return on equity moved up 135 basis points to 2.53 percent in the quarter.
Total debt was at $9,809.78 million as on Jun. 30, 2015, down 9.74 percent or $1,059.02 million from year-ago. Shareholders equity stood at $6,537.74 million as on Jun. 30, 2015, up 1.30 percent or $83.60 million from year-ago. As a result, debt to equity ratio went down 11651 basis points to 1.34 percent in the quarter.
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