Cousins Properties (CUZ) has reported a 79.16 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $4.75 million, or $0.01 a share in the quarter, compared with $22.80 million, or $0.11 a share for the same period last year.
Revenue during the quarter surged 150.05 percent to $119.88 million from $47.94 million in the previous year period.
Cost of revenue surged 116.20 percent or $28.02 million during the quarter to $52.13 million. Gross margin for the quarter expanded 681 basis points over the previous year period to 56.51 percent.
Total expenses were $167.66 million for the quarter, up 128.47 percent or $94.28 million from year-ago period. Operating margin for the quarter stood at negative 39.86 percent as compared to a negative 53.07 percent for the previous year period.
Operating loss for the quarter was $47.78 million, compared with an operating loss of $25.44 million in the previous year period.
Revenue from real estate activities during the quarter surged 148.09 percent or $67.16 million to $112.52 million.
Other income during the quarter was $5.43 million, up 1,291.28 percent or $5.04 million from year-ago period.
"We're off to an outstanding start in 2017 with robust leasing activity and strong year-over-year NOI growth in both our same property pool and across our entire portfolio," said Larry Gellerstedt, president and chief executive officer of Cousins. "We also raised over $560 million in new capital during the first four months of 2017, fortifying our balance sheet and positioning us to take advantage of opportunities as they arise."
Net receivables were at $25.43 million as on Mar. 31, 2017, up 101.23 percent or $12.79 million from year-ago.
Total assets jumped 61.14 percent or $1,595.88 million to $4,206.29 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,523.77 million as on Mar. 31, 2017, up 63.12 percent or $589.65 million from year-ago.
Return on assets moved down 73 basis points to 0.12 percent in the quarter. At the same time, return on equity moved down 118 basis points to 0.18 percent in the quarter.
Debt increases substantially Total debt was at $1,113.77 million as on Mar. 31, 2017, up 45.06 percent or $345.96 million from year-ago. Shareholders equity stood at $2,682.52 million as on Mar. 31, 2017, up 60.03 percent or $1,006.23 million from year-ago. As a result, debt to equity ratio went down 4 basis points to 0.42 percent in the quarter.
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