Altisource Asset Management Corporation (AAMC) saw its loss widen to $1.32 million, or $0.89 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.94 million, or $0.50 a share. Revenue during the quarter grew 10.72 percent to $5.01 million from $4.53 million in the previous year period.
Total expenses were $6.53 million for the quarter, up 13.12 percent or $0.76 million from year-ago period. Operating margin for the quarter stood at negative 30.27 percent as compared to a negative 27.51 percent for the previous year period.
Operating loss for the quarter was $1.52 million, compared with an operating loss of $1.24 million in the previous year period.
Revenue from real estate activities during the quarter increased 6.39 percent or $0.29 million to $4.82 million.
Income from management fees during the quarter went up marginally by 2.11 percent or $0.09 million to $4.21 million. Revenue from other real estate activities during the quarter was $0.60 million, up 50.25 percent or $0.20 million from year-ago period.
"We are proud of the substantial growth of RESI’s single-family rental portfolio under our management. We are continuing to build RESI's acquisition channels, deliver strong rental operating metrics and guide RESI's divestiture of legacy loan and REO assets in favor of high-yielding single-family rental properties," stated chief executive officer, George Ellison. "These continued achievements on behalf of RESI are important in delivering long-term value for AAMC's shareholders."
Receivables move up
Net receivables were at $5.09 million as on Mar. 31, 2017, up 8.88 percent or $0.42 million from year-ago. Investments stood at $24.77 million as on Mar. 31, 2017, up 27.08 percent or $5.28 million from year-ago.
Total assets declined 7.20 percent or $4.91 million to $63.23 million on Mar. 31, 2017. On the other hand, total liabilities were at $4.02 million as on Mar. 31, 2017, up 11.93 percent or $0.43 million from year-ago.
Return on assets for the quarter stood at negative 2.08 percent as compared to a negative 1.38 percent for the previous year period.
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