The St. Joe Company (JOE) has reported a 49.43 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $4.40 million, or $0.06 a share in the quarter, compared with $8.70 million, or $0.12 a share for the same period last year.     

Revenue during the quarter plunged 34.98 percent to $13.20 million from $20.30 million in the previous year period.

Cost of revenue dropped 17.36 percent or $2.10 million during the quarter to $10 million. Gross margin for the quarter contracted 1615 basis points over the previous year period to 24.24 percent.

Total expenses were $18.10 million for the quarter, down 14.62 percent or $3.10 million from year-ago period. Operating margin for the quarter stood at negative 37.12 percent as compared to a negative 4.43 percent for the previous year period.

Operating loss for the quarter was $4.90 million, compared with an operating loss of $0.90 million in the previous year period.

Revenue from real estate activities during the quarter plunged 58.95 percent or $5.60 million to $3.90 million. Revenue from sale of real estate was $1.50 million for the quarter, down 78.87 percent or $5.60 million from year-ago period.

Income from operating leases during the quarter was stable at $2.40 million, when compared with the previous year period.

Jorge Gonzalez, the Company’s president and chief executive officer, said "We remain focused on our previously discussed strategy of increasing the size and scope of our leasing portfolio with the acquisition of the two Beckrich office buildings adding over 67,000 square feet of leasable space to our existing portfolio.” Mr. Gonzalez added, “We believe that the recent announcements of GKN Aerospace choosing to locate in VentureCrossings and our joint venture with HomeCorp for 240 apartment units, as well as the other investments we are making in our club and resort operations are all consistent with our plan to create long term value for our shareholders."

Net receivables were at $34.60 million as on Mar. 31, 2017, up 1,289 percent or $32.11 million from year-ago.

Investments stood at $388.20 million as on Mar. 31, 2017, down 4.76 percent or $19.40 million from year-ago.

Total assets went up marginally by 2.90 percent or $28.41 million to $1,007.40 million on Mar. 31, 2017. On the other hand, total liabilities were at $349.90 million as on Mar. 31, 2017, up 12.20 percent or $38.04 million from year-ago.

Return on assets moved down 47 basis points to 0.71 percent in the quarter. At the same time, return on equity moved down 63 basis points to 0.67 percent in the quarter.