Simon Property Group (SPG) has reported 20.13 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $505.58 million, or $1.61 a share in the quarter, compared with $420.84 million, or $1.36 a share for the same period last year. Revenue during the quarter went up marginally by 2.81 percent to $1,357.17 million from $1,320.14 million in the previous year period.
Cost of revenue went up marginally by 2.73 percent or $7.87 million during the quarter to $295.86 million. Gross margin for the quarter expanded 2 basis points over the previous year period to 78.20 percent.
Total expenses were $680.98 million for the quarter, up 2.78 percent or $18.43 million from year-ago period. Operating margin for the quarter expanded 1 basis points over the previous year period to 49.82 percent.
Operating income for the quarter was $676.19 million, compared with $657.59 million in the previous year period.
Revenue from real estate activities during the quarter increased 4.43 percent or $55.21 million to $1,302.80 million.
Income from operating leases during the quarter rose 5.63 percent or $47.09 million to $882.89 million. Revenue from tenant reimbursements was $378.19 million for the quarter, up 1.33 percent or $4.96 million from year-ago period.
Income from management fees during the quarter increased 8.18 percent or $3.15 million to $41.72 million.
Other income during the quarter was $54.37 million, down 25.05 percent or $18.18 million from year-ago period.
"We continue to strengthen our retail real estate platform through transformative redevelopments such as our recently opened expansion at King of Prussia and selected new developments including the highly anticipated Clarksburg Premium Outlets which will open tomorrow and serve the greater Washington D.C. market," said David Simon, chairman and chief executive officer. "Based upon our results to date and expectations for the remainder of 2016, we are once again increasing our full-year 2016 guidance."
Receivables move upNet receivables were at $626.42 million as on Sep. 30, 2016, up 11 percent or $62.08 million from year-ago. Real estate investments stood at $1,897.10 million as on Sep. 30, 2016, down 5.55 percent or $111.42 million from year-ago.
Total assets went up marginally by 2.66 percent or $820.62 million to $31,668.85 million on Sep. 30, 2016. On the other hand, total liabilities were at $26,182.68 million as on Sep. 30, 2016, up 2.70 percent or $687.30 million from year-ago.
Return on assets moved up 19 basis points to 2.53 percent in the quarter. At the same time, return on equity moved up 159 basis points to 9.48 percent in the quarter.
Debt moves up marginallyTotal debt was at $23,078.52 million as on Sep. 30, 2016, up 1.99 percent or $449.46 million from year-ago. Shareholders equity was almost stable over the past one year at $5,326.81 million on Sep. 30, 2016. As a result, debt to equity ratio went up 8 basis points to 4.33 percent in the quarter.
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