PS Business Parks, Inc (PSB) has reported a 39.89 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $39.93 million, or $0.97 a share in the quarter, compared with $28.54 million, or $0.54 a share for the same period last year. Revenue during the quarter grew 4.39 percent to $100.19 million from $95.97 million in the previous year period.
Cost of revenue went down marginally by 2.70 percent or $0.86 million during the quarter to $31.03 million. Gross margin for the quarter expanded 226 basis points over the previous year period to 69.03 percent.
Total expenses were $56.94 million for the quarter, down 5.99 percent or $3.63 million from year-ago period. Operating margin for the quarter expanded 628 basis points over the previous year period to 43.17 percent.
Operating income for the quarter was $43.25 million, compared with $35.40 million in the previous year period.
Revenue from real estate activities during the quarter increased 4.40 percent or $4.22 million to $100.06 million.
Income from management fees during the quarter was stable at $0.13 million, when compared with the previous year period.
Receivables move up
Net receivables were at $3.32 million as on Mar. 31, 2017, up 8.67 percent or $0.26 million from year-ago. Real estate investments stood at $82.10 million as on Mar. 31, 2017.
Total assets declined 8.36 percent or $182.29 million to $1,997.19 million on Mar. 31, 2017. On the other hand, total liabilities were at $182.82 million as on Mar. 31, 2017, down 43.61 percent or $141.37 million from year-ago.
Return on assets moved up 58 basis points to 2.36 percent in the quarter. At the same time, return on equity moved up 66 basis points to 2.20 percent in the quarter.
Debt comes down significantly
Total debt was at $107 million as on Mar. 31, 2017, down 57.20 percent or $143 million from year-ago. Shareholders equity stood at $1,814.37 million as on Mar. 31, 2017, down 2.21 percent or $40.92 million from year-ago. As a result, debt to equity ratio went down 8 basis points to 0.06 percent in the quarter.
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