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28 February, 2024 18:22 IST
Vornado Realty Trust swings to first-quarter profit on a YOY basis
Source: IRIS | 22 Jun, 2017, 09.58AM

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Vornado Realty Trust (VNO) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $67.11 million, or $ 1.08 a share in the quarter, against a net loss of $101.29 million, or $1.07 a share in the last year period.

Revenue during the quarter went up marginally by 1.27 percent to $620.85 million from $613.04 million in the previous year period.

Total expenses were $464.38 million for the quarter, down 24.28 percent or $148.94 million from year-ago period. Operating margin for the quarter period stood at positive 25.20 percent as compared to a negative 0.05 percent for the previous year period.

Operating income for the quarter was $156.47 million, compared with an operating loss of $0.28 million in the previous year period.

Net receivables were at $86.75 million as on Mar. 31, 2017, down 10.88 percent or $10.59 million from year-ago.

Investments stood at $188.70 million as on Mar. 31, 2017, up 16.41 percent or $26.60 million from year-ago.

Total assets went down marginally by 0.68 percent or $141.93 million to $20,731.45 million on Mar. 31, 2017. On the other hand, total liabilities were at $11,902.05 million as on Mar. 31, 2017, down 3.99 percent or $494.09 million from year-ago.

Return on assets was at 0.34 percent in the quarter against a negative 0.44 percent in the last year period. Return on equity was at 0.89 percent in the quarter against a negative 1.39 percent in the last year period.

Debt comes down marginally

Total debt was at $10,615.44 million as on Mar. 31, 2017, down 4.02 percent or $444.40 million from year-ago. Shareholders equity stood at $7,563.33 million as on Mar. 31, 2017, up 3.61 percent or $263.77 million from year-ago. As a result, debt to equity ratio went down 11 basis points to 1.40 percent in the quarter.

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