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28 February, 2024 19:27 IST
BRT Apartments Corp swings to second-quarter loss on a YOY basis
Source: IRIS | 26 May, 2017, 05.57PM

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BRT Apartments Corp (BRT) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $4.23 million, or $ 0.30 a share in the quarter, against a net profit of $24.94 million, or $1.76 a share in the last year period.

Revenue during the quarter dropped 4.37 percent to $24.88 million from $26.02 million in the previous year period.

Cost of revenue went down marginally by 1.55 percent or $0.19 million during the quarter to $11.91 million. Gross margin for the quarter contracted 137 basis points over the previous year period to 52.14 percent.

Total expenses were $28.47 million for the quarter, up 5.41 percent or $1.46 million from year-ago period. Operating margin for the quarter stood at negative 14.43 percent as compared to a negative 3.81 percent for the previous year period.

Operating loss for the quarter was $3.59 million, compared with an operating loss of $0.99 million in the previous year period.

Revenue from real estate activities during the quarter went up marginally by 2.96 percent or $0.71 million to $24.70 million.

Income from operating leases during the quarter went up marginally by 2.96 percent or $0.71 million to $24.70 million.

Other income during the quarter was $0.18 million, down 91.07 percent or $1.84 million from year-ago period.

Jeffrey A. Gould, president and chief executive officer, stated: "Our acquisitions team continues to source high quality properties as evidenced by our most recent purchases in the St. Louis area, completed with joint venture partners. With our targeted approach to growth, we look ahead to creating additional value for stockholders in the coming years."

Investments stood at $5.90 million as on Mar. 31, 2017.

Total assets stood at $870.52million as on Mar. 31, 2017. On the other hand, total liabilities were at $653.61 million as on Mar. 31, 2017.

Return on assets was at 0.41 percent in the quarter. Return on equity was negative at 1.95 percent in the quarter.

Total debt was at $640.14 million as on Mar. 31, 2017. Shareholders equity was at $216.91 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 2.95 percent in the quarter.


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