Monogram Residential Trust, Inc. (MORE) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $22.54 million, or $ 0.13 a share in the quarter, against a net loss of $5.94 million, or $0.04 a share in the last year period.
Revenue during the quarter grew 17.95 percent to $74.46 million from $63.13 million in the previous year period.
Cost of revenue rose 9.69 percent or $2.66 million during the quarter to $30.06 million. Gross margin for the quarter expanded 304 basis points over the previous year period to 59.63 percent.
Total expenses were $80.97 million for the quarter, up 11.09 percent or $8.08 million from year-ago period. Operating margin for the quarter stood at negative 8.74 percent as compared to a negative 15.46 percent for the previous year period.
Operating loss for the quarter was $6.51 million, compared with an operating loss of $9.76 million in the previous year period.
Monogram Residential Trust projects revenue to grow in the range of 1.25 percent to 2.75 percent for the financial year 2017.
Revenue from real estate activities during the quarter increased 17.95 percent or $11.33 million to $74.46 million.
"We are pleased with our fourth quarter results, as we achieved a 21.2% increase in total proportionate portfolio NOI and AFFO of $0.12 per share, which was at the high end of the expectations provided. Our results reflect the continued progress we are making to complete our development program, having stabilized five communities in 2016 and creating value across our high quality portfolio," stated Mark T. Alfieri, Chief Executive Officer of Monogram.
Total assets went down marginally by 2.53 percent or $83.04 million to $3,200.10 million on Dec. 31, 2016. On the other hand, total liabilities were almost stable over the past one year at $1,630.59 million on Dec. 31, 2016.
Return on assets was at 0.67 percent in the quarter against a negative 0.23 percent in the last year period. Return on equity was at 1.46 percent in the quarter against a negative 0.36 percent in the last year period.
Debt moves up marginally
Total debt was at $1,530.23 million as on Dec. 31, 2016, up 1.55 percent or $23.39 million from year-ago. Shareholders equity stood at $1,540.44 million as on Dec. 31, 2016, down 5.41 percent or $88.14 million from year-ago. As a result, debt to equity ratio went up 7 basis points to 0.99 percent in the quarter.
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