Howard Hughes Corp (HHC) has reported 94.90 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $7.97 million, or $0.19 a share in the quarter, compared with $156.22 million, or $0.76 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $47.24 million, or $1.10 a share compared with $28.51 million or $0.66 a share, a year ago. Revenue during the quarter grew 18.37 percent to $240.81 million from $203.44 million in the previous year period.
Cost of revenue surged 45.24 percent or $36.51 million during the quarter to $117.20 million. Gross margin for the quarter contracted 901 basis points over the previous year period to 51.33 percent.
Total expenses were $240.02 million for the quarter, up 43.81 percent or $73.12 million from year-ago period. Operating margin for the quarter contracted 1764 basis points over the previous year period to 0.33 percent.
Operating income for the quarter was $0.78 million, compared with $36.54 million in the previous year period.
"We had a solid third quarter as we continued to increase cash flow across the portfolio and make progress in delivering value at our strategic developments while strengthening our MPCs. In Las Vegas, by bringing the NHL practice facility to Downtown Summerlin, we continue to further distinguish the community as the premier place to live in the region while also increasing visitors to our downtown," said David R. Weinreb, chief executive officer. "I am particularly pleased at the progress we have made towards the revitalization of the Seaport District. During the quarter, we announced that iconic Italian fashion store 10 Corso Como will be coming to the Seaport as our retail anchor, opened iPic Theaters as our first cornerstone tenant and received approval to move and reconstruct the Tin Building as part of the Minor Modification."
Net receivables were at $210 million as on Sep. 30, 2016, up 277.29 percent or $154.34 million from year-ago.
Total assets grew 16.70 percent or $925.86 million to $6,470.38 million on Sep. 30, 2016. On the other hand, total liabilities were at $3,956.50 million as on Sep. 30, 2016, up 23.29 percent or $747.50 million from year-ago.
Return on assets moved down 284 basis points to 0.03 percent in the quarter. At the same time, return on equity moved down 637 basis points to 0.32 percent in the quarter.
Debt moves upTotal debt was at $2,847 million as on Sep. 30, 2016, up 22.59 percent or $524.71 million from year-ago. Shareholders equity stood at $2,513.88 million as on Sep. 30, 2016, up 7.64 percent or $178.36 million from year-ago. As a result, debt to equity ratio went up 14 basis points to 1.13 percent in the quarter.
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