Ps Business Parks (PSB) has reported 16.20 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $33.68 million, or $0.72 a share in the quarter, compared with $40.19 million, or $0.83 a share for the same period last year. Revenue during the quarter grew 4.30 percent to $97.47 million from $93.45 million in the previous year period.
Cost of revenue went up marginally by 1.14 percent or $0.35 million during the quarter to $30.80 million. Gross margin for the quarter expanded 99 basis points over the previous year period to 68.40 percent.
Total expenses were $58.40 million for the quarter, down 2.20 percent or $1.31 million from year-ago period. Operating margin for the quarter expanded 398 basis points over the previous year period to 40.09 percent.
Operating income for the quarter was $39.07 million, compared with $33.74 million in the previous year period.
Revenue from real estate activities during the quarter increased 4.31 percent or $4.02 million to $97.34 million.
Income from management fees during the quarter was stable at $0.13 million, when compared with the previous year period.
Net receivables were at $2.01 million as on Sep. 30, 2016, down 46.86 percent or $1.78 million from year-ago.
Real estate investments stood at $55.54 million as on Sep. 30, 2016.
Total assets declined 11.69 percent or $264.75 million to $1,999.78 million on Sep. 30, 2016. On the other hand, total liabilities were at $143.09 million as on Sep. 30, 2016, down 64.73 percent or $262.57 million from year-ago.
Return on assets moved down 22 basis points to 1.97 percent in the quarter. At the same time, return on equity moved down 35 basis points to 1.81 percent in the quarter.
Debt comes down significantlyTotal debt was at $60 million as on Sep. 30, 2016, down 76 percent or $190 million from year-ago. Shareholders equity was almost stable over the past one year at $1,856.69 million on Sep. 30, 2016. As a result, debt to equity ratio went down 10 basis points to 0.03 percent in the quarter.
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