Apollo Commercial Real Estate Finance, Inc. (ARI) has reported an 153.14 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $47.12 million, or $0.41 a share in the quarter, compared with $18.62 million, or $0.18 a share for the same period last year.
Revenue during the quarter grew 23.52 percent to $57.81 million from $46.80 million in the previous year period.
Total expenses were $13.19 million for the quarter, down 1.67 percent or $0.22 million from year-ago period. Operating margin for the quarter expanded 584 basis points over the previous year period to 77.18 percent.
Operating income for the quarter was $44.62 million, compared with $33.39 million in the previous year period.
Other income during the quarter was $57.81 million, up 23.52 percent or $11.01 million from year-ago period.
"ARI has had a strong start to 2017, closing over $525 million of new commercial real estate loan transactions year to date," said Stuart Rothstein, chief executive officer and president of ARI. "In addition, ARI expanded both of the Company's primary credit facilities for financing first mortgage loans, providing additional capacity to fund our investment pipeline."
Net receivables were at $22.30 million as on Mar. 31, 2017, down 5.10 percent or $1.20 million from year-ago.
Investments stood at $3,562.02 million as on Mar. 31, 2017, up 30.46 percent or $831.58 million from year-ago.
Total assets jumped 33.33 percent or $952.07 million to $3,808.56 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,879.59 million as on Mar. 31, 2017, up 25.35 percent or $380.14 million from year-ago.
Return on assets moved up 7 basis points to 1.23 percent in the quarter. At the same time, return on equity moved up 102 basis points to 1.96 percent in the quarter.
Debt increases substantially
Total debt was at $1,727.75 million as on Mar. 31, 2017, up 29.68 percent or $395.47 million from year-ago. Shareholders equity stood at $1,928.98 million as on Mar. 31, 2017, up 42.14 percent or $571.93 million from year-ago. As a result, debt to equity ratio went down 9 basis points to 0.90 percent in the quarter.
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