AV Homes, Inc. (AVHI) has reported 7.26 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $17.06 million, or $0.68 a share in the quarter, compared with $15.90 million, or $0.65 a share for the same period last year.

Revenue during the quarter grew 15.94 percent to $261.69 million from $225.72 million in the previous year period.

Cost of revenue rose 18.86 percent or $34.08 million during the quarter to $214.82 million. Gross margin for the quarter contracted 202 basis points over the previous year period to 17.91 percent.

Revenue from real estate activities during the quarter increased 15.94 percent or $35.97 million to $261.69 million.

"We are very pleased with our strong fourth quarter of 2016 results and the completion of a solid year of operating performance," said Roger A. Cregg, president and chief executive officer. "With increases in homes delivered, and homebuilding revenue, and improved operating leverage, we generated over $17 million of net income for the fourth quarter and exceeded our goals within our financial outlook for the full year."

Real estate inventory was almost stable over the past one year at $584.41 million on Dec. 31, 2016. Net receivables were at $10.83 million as on Dec. 31, 2016, up 50.84 percent or $3.65 million from year-ago. Accounts payable increased 11.25 percent or $3.78 million to $37.39 million on Dec. 31, 2016.

Total assets grew 13.24 percent or $98.22 million to $840.23 million on Dec. 31, 2016. On the other hand, total liabilities were at $389.43 million as on Dec. 31, 2016, down 11.56 percent or $50.91 million from year-ago.

Return on assets moved down 22 basis points to 2.13 percent in the quarter. At the same time, return on equity moved down 149 basis points to 3.78 percent in the quarter.