Taubman Centers, Inc. (TCO) has reported a 23.89 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $23.52 million, or $0.28 a share in the quarter, compared with $30.91 million, or $0.41 a share for the same period last year.
Revenue during the quarter grew 6.90 percent to $149.08 million from $139.46 million in the previous year period.
Cost of revenue rose 12.51 percent or $4.48 million during the quarter to $40.29 million. Gross margin for the quarter contracted 135 basis points over the previous year period to 72.97 percent.
Total expenses were $139.01 million for the quarter, up 21.12 percent or $24.24 million from year-ago period. Operating margin for the quarter contracted 1094 basis points over the previous year period to 6.75 percent.
Operating income for the quarter was $10.07 million, compared with $24.68 million in the previous year period.
For financial year 2017, Taubman Centers, Inc. forecasts diluted earnings per share to be in the range of $1.16 to $1.41.
Revenue from real estate activities during the quarter increased 4.89 percent or $6.57 million to $140.81 million.
Income from operating leases during the quarter went up marginally by 2.51 percent or $2.13 million to $86.88 million. Revenue from tenant reimbursements was $53.01 million for the quarter, up 11 percent or $5.25 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.92 million, down 46.93 percent or $0.81 million from year-ago period.
Other income during the quarter was $8.28 million, up 58.60 percent or $3.06 million from year-ago period.
"Our first quarter results were strong with Adjusted FFO up nearly 10 percent. This growth was primarily driven by increased rents and recoveries from our tenants,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "We also successfully marked the opening of CityOn.Zhengzhou, our third asset in Asia, which opened 100 percent leased."
Receivables move up
Net receivables were at $64.88 million as on Mar. 31, 2017, up 18.81 percent or $10.27 million from year-ago. Total assets grew 8.46 percent or $315.48 million to $4,044.86 million on Mar. 31, 2017. On the other hand, total liabilities were at $4,120.26 million as on Mar. 31, 2017, up 13.79 percent or $499.34 million from year-ago.
Return on assets moved down 89 basis points to 0.81 percent in the quarter.
Debt moves up
Total debt was at $3,287.97 million as on Mar. 31, 2017, up 15.65 percent or $444.81 million from year-ago.
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