Monmouth Real Estate Investment Corp (MNR) has reported a marginal increase of 0.05 percent in profit for the quarter ended Sep. 30, 2016. The company has earned $10.19 million, or $0.07 a share, compared with $10.19 million or $0.13 a share, a year ago.
Revenue during the quarter grew 24.35 percent to $25.58 million from $20.57 million in the previous year period.
Cost of revenue surged 54.72 percent or $0.98 million during the quarter to $2.77 million. Gross margin for the quarter contracted 213 basis points over the previous year period to 89.15 percent.
Total expenses were $13.94 million for the quarter, up 28.21 percent or $3.07 million from year-ago period. Operating margin for the quarter contracted 164 basis points over the previous year period to 45.48 percent.
Operating income for the quarter was $11.63 million, compared with $9.69 million in the previous year period.
Revenue from real estate activities during the quarter increased 24.35 percent or $5.01 million to $25.58 million.
Income from operating leases during the quarter rose 21.79 percent or $3.96 million to $22.13 million. Revenue from tenant reimbursements was $3.45 million for the quarter, up 43.74 percent or $1.05 million from year-ago period.
Michael P. Landy, President and CEO, commented on the results for the fiscal year 2016, "Fiscal 2016 was a very productive year for Monmouth. Our Company executed exceptionally well and our achievements were many."
Operating cash flow improves significantly
Monmouth Real Estate Investment Corp has generated cash of $54.70 million from operating activities during the year, up 43.71 percent or $16.64 million, when compared with the last year.
The company has spent $227.85 million cash to meet investing activities during the year as against cash outgo of $194.47 million in the last year.
Cash flow from financing activities was $256.82 million for the year, up 73.52 percent or $108.81 million, when compared with the last year.
Cash and cash equivalents stood at $95.75 million as on Sep. 30, 2016, up 693.03 percent or $83.68 million from $12.07 million on Sep. 30, 2015.
Net receivables were at $1.44 million as on Sep. 30, 2016, up 84.51 percent or $0.66 million from year-ago.
Investments stood at $73.60 million as on Sep. 30, 2016, up 34.95 percent or $19.06 million from year-ago.
Total assets jumped 34.25 percent or $313.77 million to $1,229.76 million on Sep. 30, 2016. On the other hand, total liabilities were at $631.90 million as on Sep. 30, 2016, up 34.45 percent or $161.92 million from year-ago.
Return on assets moved up 18 basis points to 1.30 percent in the quarter. At the same time, return on equity moved down 102 basis points to 0.78 percent in the quarter.
Debt moves up
Total debt was at $564.54 million as on Sep. 30, 2016, up 22.98 percent or $105.51 million from year-ago. Shareholders equity stood at $597.86 million as on Sep. 30, 2016, up 34.05 percent or $151.85 million from year-ago. As a result, debt to equity ratio went down 8 basis points to 0.94 percent in the quarter.
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