Weingarten Realty (WRI) has reported 71.21 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $30.83 million in the quarter, compared with $107.07 million for the same period last year. Revenue during the quarter grew 8.49 percent to $143.66 million from $132.42 million in the previous year period.
Cost of revenue rose 11.59 percent or $6.23 million during the quarter to $59.97 million. Gross margin for the quarter contracted 116 basis points over the previous year period to 58.26 percent.
Total expenses were $112.38 million for the quarter, up 34.08 percent or $28.57 million from year-ago period. Operating margin for the quarter contracted 1493 basis points over the previous year period to 21.78 percent.
Operating income for the quarter was $31.28 million, compared with $48.60 million in the previous year period.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $2.37 to $2.43.
Revenue from real estate activities during the quarter increased 8.49 percent or $11.25 million to $143.66 million.
Income from operating leases during the quarter rose 9.58 percent or $12.31 million to $140.82 million.
Revenue from other real estate activities during the quarter was $2.84 million, down 27.20 percent or $1.06 million from year-ago period.
Receivables remain almost stable
Net receivables stood at $292.20 million as on Mar. 31, 2017. Real estate investments stood at $288.27 million as on Mar. 31, 2017.
Total assets stood at $4,352.09million as on Mar. 31, 2017. On the other hand, total liabilities were at $2,605.23 million as on Mar. 31, 2017.
Return on assets was at 0.47 percent in the quarter. At the same time, return on equity was at 0.71 percent in the quarter.
Total debt was at $2,323.45 million as on Mar. 31, 2017. Shareholders equity was at $4,352.09 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 0.53 percent in the quarter.
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