BBX Capital Corporation (BBX) has reported a 596.37 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $21.70 million, or $1.26 a share in the quarter, compared with $3.12 million, or $0.18 a share for the same period last year.
Revenue during the quarter grew 16.33 percent to $29.70 million from $25.54 million in the previous year period.
Jarett S. Levan, Acting Chairman and Chief Executive Officer of BBX Capital, commented, “Since the sale of BankAtlantic in July 2012, BBX Capital has been repositioning its business, monetizing its legacy portfolios of loans and real estate, and pursuing its goal of transitioning into a growth business by focusing on real estate opportunities and acquiring operating businesses. The majority of BBX Capital’s assets do not generate income on a regular or predictable basis. Recognizing the nature of BBX Capital’s assets, BBX Capital’s goal is to build long-term value as opposed to focusing on quarterly or annual earnings. While capital markets generally encourage short term results, BBX Capital’s objective continues to be long term growth as measured by increases in book value per share over time.
Assets, liabilities remain almost stable
Total assets stood at $407.21 million as on Sep. 30, 2016, up 4.24 percent compared with $390.66 million on Sep. 30, 2015. On the other hand, total liabilities stood at $49.26 million as on Sep. 30, 2016, down 29.52 percent from $69.88 million on Sep. 30, 2015.
Net loans stood at $28.62 million as on Sep. 30, 2016, up 3.31 percent compared with $27.70 million on Sep. 30, 2015.
Investments stood at $121.47 million as on Sep. 30, 2016. Shareholders equity stood at $357.96 million as on Sep. 30, 2016, up 11.59 percent or $37.18 million from year-ago.
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