GGP Inc. (GGP) has reported a 44.12 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $107.16 million, or $0.11 a share in the quarter, compared with $191.78 million, or $0.20 a share for the same period last year.
Revenue during the quarter dropped 6.70 percent to $566.33 million from $607.03 million in the previous year period.
Cost of revenue went down marginally by 2.88 percent or $4.21 million during the quarter to $141.77 million. Gross margin for the quarter contracted 99 basis points over the previous year period to 74.97 percent.
Total expenses were $373.46 million for the quarter, down 13.76 percent or $59.59 million from year-ago period. Operating margin for the quarter expanded 540 basis points over the previous year period to 34.06 percent.
Operating income for the quarter was $192.87 million, compared with $173.98 million in the previous year period.
For fiscal year 2017, GGP Inc. expects diluted earnings per share to be in the range of $0.59 to $0.63.
For the second-quarter GGP Inc. expects diluted earnings per share to be in the range of $0.10 to $0.12.
Revenue from real estate activities during the quarter declined 6.72 percent or $39.32 million to $546.15 million.
Income from operating leases during the quarter dropped 6.41 percent or $24.33 million to $354.95 million. Revenue from tenant reimbursements was $163.06 million for the quarter, down 5.45 percent or $9.39 million from year-ago period.
Income from management fees during the quarter dropped 16.59 percent or $5.60 million to $28.14 million.
Other income during the quarter was $20.18 million, down 6.41 percent or $1.38 million from year-ago period.
Receivables move up marginally
Net receivables were at $1,010.05 million as on Mar. 31, 2017, up 4.95 percent or $47.65 million from year-ago.
Total assets declined 4.66 percent or $1,098.86 million to $22,467.45 million on Mar. 31, 2017. On the other hand, total liabilities were at $13,636.44 million as on Mar. 31, 2017, down 8.85 percent or $1,324.59 million from year-ago.
Return on assets moved down 38 basis points to 1.08 percent in the quarter. At the same time, return on equity moved down 106 basis points to 1.20 percent in the quarter.
Debt comes down
Total debt was at $12,773.86 million as on Mar. 31, 2017, down 9.24 percent or $1,300.56 million from year-ago. Shareholders equity stood at $8,583.49 million as on Mar. 31, 2017, up 3.47 percent or $287.67 million from year-ago. As a result, debt to equity ratio went down 21 basis points to 1.49 percent in the quarter.
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