Altisource Residential (RESI) saw its loss widen to $49.36 million, or $0.92 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $45.66 million, or $0.82 a share.
Revenue during the quarter dropped 26.77 percent to $29.34 million from $40.06 million in the previous year period.
Cost of revenue for the quarter was almost stable at $18.26 million, when compared with the previous year period. Gross margin for the quarter contracted 1680 basis points over the previous year period to 37.76 percent.
Total expenses were $63.12 million for the quarter, down 8.77 percent or $6.07 million from year-ago period. Operating margin for the quarter stood at negative 115.13 percent as compared to a negative 72.70 percent for the previous year period.
Operating loss for the quarter was $33.78 million, compared with an operating loss of $29.12 million in the previous year period.
'We are continuing to execute on our objectives, including growth of our rental portfolio, disposition of our non-rental assets and achievement of strong property operating metrics," said chief executive officer, George Ellison. "Our promising start to 2017 has included the ongoing development of our property acquisition pipeline, impressive progress on mortgage loan sales and success in optimizing our financing structure."
Net receivables were at $31.71 million as on Mar. 31, 2017, down 48.23 percent or $29.54 million from year-ago.
Investments stood at $70.79 million as on Mar. 31, 2017, down 92.34 percent or $853.75 million from year-ago.
Total assets went up marginally by 1.18 percent or $25.19 million to $2,160.40 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,355.24 million as on Mar. 31, 2017, up 28.47 percent or $300.29 million from year-ago.
Return on assets for the quarter stood at negative 1.56 percent as compared to a negative 1.37 percent for the previous year period. Return on equity for the quarter stood at negative 6.13 percent as compared to a negative 4.23 percent for the previous year period.
Debt increases substantiallyTotal debt was at $1,295.97 million as on Mar. 31, 2017, up 689.76 percent or $1,131.87 million from year-ago. Shareholders equity stood at $805.17 million as on Mar. 31, 2017, down 25.47 percent or $275.11 million from year-ago. As a result, debt to equity ratio went up 146 basis points to 1.61 percent in the quarter.
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