Ashford Hospitality Prime, Inc (AHP) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $16.86 million, or $ 0.55 a share in the quarter, against a net loss of $6.84 million, or $0.29 a share in the last year period.
Revenue during the quarter grew 9.80 percent to $99.65 million from $90.76 million in the previous year period.
Cost of revenue rose 14.99 percent or $9.13 million during the quarter to $70.06 million. Gross margin for the quarter contracted 318 basis points over the previous year period to 29.70 percent.
Total expenses were $88.40 million for the quarter, up 14.07 percent or $10.90 million from year-ago period. Operating margin for the quarter contracted 332 basis points over the previous year period to 11.29 percent.
Operating income for the quarter was $11.25 million, compared with $13.26 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $21.96 million compared with $24.16 million in the prior year period. At the same time, adjusted EBITDA margin contracted 459 basis points in the quarter to 22.03 percent from 26.63 percent in the last year period.
Occupancy revenue was $73.94 million for the quarter, up 4.76 percent or $3.36 million. Food and beverage revenue was $20.11 million during the quarter, up 23 percent or $3.76 million from year-ago period. Revenue from other hotel operating activities was $5.57 million for the quarter, up 46.72 percent or $1.77 million from year-ago period.
Real estate inventory stood at $1.40 million as on Sep. 30, 2016. Net receivables were at $32.64 million as on Sep. 30, 2016.
Total assets went down marginally by 1.09 percent or $13.96 million to $1,264.13 million on Sep. 30, 2016. On the other hand, total liabilities were at $831.86 million as on Sep. 30, 2016, up 2.73 percent or $22.09 million from year-ago.
Return on assets moved up 229 basis points to 2.40 percent in the quarter. Return on equity was at 5.23 percent in the quarter against a negative 2.23 percent in the last year period.
Debt remains almost stable
Total debt was at $766.03 million as on Sep. 30, 2016, up 0.75 percent or $5.69 million from year-ago. Shareholders equity stood at $303.21 million as on Sep. 30, 2016, down 12.49 percent or $43.28 million from year-ago. As a result, debt to equity ratio went up 33 basis points to 2.53 percent in the quarter.
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