Omega Healthcare Investors (OHI) has reported 1.07 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $78.55 million, or $0.40 a share in the quarter, compared with $79.40 million, or $0.43 a share for the same period last year. Revenue during the quarter grew 11.22 percent to $224.64 million from $201.97 million in the previous year period.
Total expenses were $100.32 million for the quarter, up 32.18 percent or $24.42 million from year-ago period. Operating margin for the quarter contracted 708 basis points over the previous year period to 55.34 percent.
Operating income for the quarter was $124.31 million, compared with $126.07 million in the previous year period.
For fiscal year 2016, the company expects diluted earnings per share to be in the range of $1.74 to $1.75.
Revenue from real estate activities during the quarter increased 10.78 percent or $19.61 million to $201.45 million.
Income from operating leases during the quarter rose 11.53 percent or $19.21 million to $185.84 million.
Revenue from other real estate activities during the quarter was $15.61 million, up 2.60 percent or $0.40 million from year-ago period.
Other income during the quarter was $23.19 million, up 15.17 percent or $3.05 million from year-ago period.
Omegas chief executive officer, Taylor Pickett, said, "We are pleased to report another outstanding quarter as we continue to source attractive acquisitions and deliver superior earnings and dividend growth. As we stated in August, we have returned to our $0.01 dividend increase this quarter, marking the 17th consecutive quarterly dividend increase." Mr. Pickett, continued, "We continue to aggressively prune underperforming assets and non-strategic relationships. As a result, we recognized modest impairments of $17 million during the quarter. Assuming the completion of asset sales currently contemplated, we expect that gains on future sales will approximately offset the impairments recorded in 2016."
Receivables move upNet receivables were at $225.22 million as on Sep. 30, 2016, up 13.26 percent or $26.37 million from year-ago. Investments stood at $7,998.39 million as on Sep. 30, 2016, up 495.66 percent or $6,655.61 million from year-ago.
Total assets grew 4.53 percent or $388.88 million to $8,982.36 million on Sep. 30, 2016. On the other hand, total liabilities were at $4,807.17 million as on Sep. 30, 2016, up 6.15 percent or $278.34 million from year-ago.
Return on assets was almost stable at 1.44 percent in the quarter, when compared with the last year period. At the same time, return on equity moved down 7 basis points to 1.88 percent in the quarter.
Debt moves up marginally
Total debt was at $4,433.64 million as on Sep. 30, 2016, up 4.45 percent or $188.72 million from year-ago. Shareholders equity stood at $4,175.19 million as on Sep. 30, 2016, up 2.72 percent or $110.54 million from year-ago. As a result, debt to equity ratio went up 2 basis points to 1.06 percent in the quarter.
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