Care Capital Properties (CCP) has reported 118.06 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $64.91 million, or $0.77 a share in the quarter, compared with $29.77 million, or $0.35 a share for the same period last year.
Revenue during the quarter went down marginally by 2.03 percent to $82.83 million from $84.54 million in the previous year period.
Total expenses were $34.74 million for the quarter, down 19.96 percent or $8.66 million from year-ago period. Operating margin for the quarter expanded 939 basis points over the previous year period to 58.07 percent.
Operating income for the quarter was $48.10 million, compared with $41.15 million in the previous year period. Adjusted EBITDA for the quarter stood at $72.59 million.
Revenue from real estate activities during the quarter went down marginally by 2.97 percent or $2.48 million to $80.88 million.
Income from operating leases during the quarter dropped 3.85 percent or $3.13 million to $78.22 million.
Revenue from other real estate activities during the quarter was $2.66 million, up 32.54 percent or $0.65 million from year-ago period.
Other income during the quarter was $1.95 million, up 64.64 percent or $0.76 million from year-ago period.
Operating cash flow declinesCare Capital Properties has generated cash of $44.97 million from operating activities during the quarter, down 10.74 percent or $ 5.41 million, when compared with the last year period. The company has spent $7.86 million cash to meet investing activities during the quarter as against cash outgo of $9.49 million in the last year period.
The company has spent $35.04 million cash to carry out financing activities during the quarter as against cash outgo of $45.34 million in the last year period.
Cash and cash equivalents stood at $17.89 million as on Mar. 31, 2017, up 42.58 percent or $5.34 million from $12.55 million on Mar. 31, 2016.
Receivables increase substantially
Net receivables were at $61.52 million as on Mar. 31, 2017, up 60.31 percent or $23.14 million from year-ago.
Total assets declined 3.26 percent or $95.44 million to $2,832.45 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,647.01 million as on Mar. 31, 2017, down 4.93 percent or $85.33 million from year-ago.
Return on assets moved up 32 basis points to 1.69 percent in the quarter. At the same time, return on equity moved up 299 basis points to 5.48 percent in the quarter.
Debt comes down marginallyTotal debt was at $1,477.59 million as on Mar. 31, 2017, down 3.43 percent or $52.52 million from year-ago. Shareholders equity stood at $1,185.44 million as on Mar. 31, 2017, down 0.85 percent or $10.11 million from year-ago. As a result, debt to equity ratio went down 3 basis points to 1.25 percent in the quarter.
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