Medical Properties Trust Inc (MPW) has reported a 205.15 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $70.36 million, or $0.28 a share in the quarter, compared with $23.06 million, or $0.10 a share for the same period last year.
Revenue during the quarter grew 10.46 percent to $126.56 million from $114.57 million in the previous year period.
Cost of revenue plunged 94.61 percent or $1.63 million during the quarter to $0.09 million.
Total expenses were $38.68 million for the quarter, down 32.69 percent or $18.78 million from year-ago period. Operating margin for the quarter expanded 1959 basis points over the previous year period to 69.43 percent.
Operating income for the quarter was $87.87 million, compared with $57.10 million in the previous year period.
Revenue from real estate activities during the quarter increased 14.13 percent or $12.02 million to $97.06 million.
Income from operating leases during the quarter was almost stable at $14.68 million, when compared with the previous year period.
Revenue from other real estate activities during the quarter was $82.39 million, up 17.10 percent or $12.03 million from year-ago period.
Other income during the quarter was $19.75 million, down 19.38 percent or $4.75 million from year-ago period.
“MPT has demonstrated in 2016, and in particular since the beginning of the third quarter, the strength of our investment strategies and our ability to execute,” said Edward K. Aldag, Jr., MPT’s chairman, president and chief executive officer. “We proved the long-term value of our assets by selling multiple property types at substantial gains; refinanced $1 billion in debt at historically low rates; reduced overall leverage to a level unmatched by any direct competitor; and further solidified our position as the undisputed global leader and innovator in the business of hospital real estate.
Net receivables were at $157.97 million as on Sep. 30, 2016, down 81 percent or $673.24 million from year-ago.
Investments stood at $1,083.61 million as on Sep. 30, 2016, down 21.54 percent or $297.47 million from year-ago.
Total assets grew 8.20 percent or $462.01 million to $6,095.34 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,929.37 million as on Sep. 30, 2016, down 16.80 percent or $591.35 million from year-ago.
Return on assets moved up 85 basis points to 1.82 percent in the quarter. At the same time, return on equity moved up 113 basis points to 2.22 percent in the quarter.
Debt comes down
Total debt was at $2,728.55 million as on Sep. 30, 2016, down 18.89 percent or $635.57 million from year-ago. Shareholders equity stood at $3,165.97 million as on Sep. 30, 2016, up 49.86 percent or $1,053.36 million from year-ago. As a result, debt to equity ratio went down 73 basis points to 0.86 percent in the quarter.
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