Preferred Apartment Communities, Inc (APTS) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $29.06 million, or $ 0.54 a share in the quarter, against a net loss of $3.30 million, or $0.49 a share in the last year period. Revenue during the quarter surged 59.48 percent to $66.56 million from $41.74 million in the previous year period.
Cost of revenue surged 52.78 percent or $2.73 million during the quarter to $7.90 million. Gross margin for the quarter expanded 52 basis points over the previous year period to 88.13 percent.
Total expenses were $52.22 million for the quarter, up 44.12 percent or $15.98 million from year-ago period. Operating margin for the quarter expanded 836 basis points over the previous year period to 21.55 percent.
Operating income for the quarter was $14.35 million, compared with $5.51 million in the previous year period.
Revenue from real estate activities during the quarter surged 58.50 percent or $22.79 million to $61.75 million.
Income from operating leases during the quarter surged 60.55 percent or $17.11 million to $45.36 million.
Income from management fees during the quarter increased 14.49 percent or $1.01 million to $7.95 million. Revenue from other real estate activities during the quarter was $8.44 million, up 124.36 percent or $4.68 million from year-ago period.
Operating cash flow improves significantly
Preferred Apartment Communities, Inc has generated cash of $18.28 million from operating activities during the quarter, up 36.49 percent or $4.89 million, when compared with the last year period. The company has spent $69.51 million cash to meet investing activities during the quarter as against cash outgo of $252.96 million in the last year period.
Cash flow from financing activities was $52.27 million for the quarter, down 78.38 percent or $189.56 million, when compared with the last year period.
Cash and cash equivalents stood at $13.37 million as on Mar. 31, 2017, up 184.15 percent or $8.66 million from $4.70 million on Mar. 31, 2016.
Receivables remain almost stable
Net receivables stood at $38.90 million as on Mar. 31, 2017.
Total assets stood at $2,544.43million as on Mar. 31, 2017. On the other hand, total liabilities were at $1,577.17 million as on Mar. 31, 2017.
Return on assets was at 1.77 percent in the quarter. At the same time, return on equity was at 3 percent in the quarter.
Total debt was at $1,497.90 million as on Mar. 31, 2017. Shareholders equity was at $967.26 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 1.55 percent in the quarter.
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