BRT REALTY TRUST (BRT) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $15.77 million, or $ 1.13 a share in the quarter, against a net loss of $2.03 million, or $0.14 a share in the last year period. Revenue during the quarter grew 14.84 percent to $25.64 million from $22.33 million in the previous year period.
Cost of revenue rose 10.48 percent or $1.81 million during the quarter to $19.13 million. Gross margin for the quarter expanded 295 basis points over the previous year period to 25.38 percent.
Total expenses were $28.38 million for the quarter, up 17.71 percent or $4.27 million from year-ago period. Operating margin for the quarter stood at negative 10.67 percent as compared to a negative 7.98 percent for the previous year period.
Operating loss for the quarter was $2.74 million, compared with an operating loss of $1.78 million in the previous year period.
Revenue from real estate activities during the quarter increased 12.14 percent or $2.71 million to $25.03 million.
Income from operating leases during the quarter rose 12.14 percent or $2.71 million to $25.03 million.
Other income during the quarter was $0.61 million, up 8,628.57 percent or $0.60 million from year-ago period.
Jeffrey A. Gould, president and chief executive officer, stated: "Our efforts to improve our portfolio continues. In the quarter, we acquired three multi-family properties, including investments in two unconsolidated joint ventures, while advantageously selling four properties that we believe have less growth potential over the long term. BRT remains focused on strengthening its portfolio through continued execution on this targeted strategy that we believe will result in enduring value creation for our shareholders in the long term."
Investments stood at $5.90 million as on Dec. 31, 2016.
Total assets stood at $849.07million as on Dec. 31, 2016. On the other hand, total liabilities were at $629.45 million as on Dec. 31, 2016.
Return on assets was at 3.80 percent in the quarter. At the same time, return on equity was at 7.18 percent in the quarter.
Total debt was at $573.58 million as on Dec. 31, 2016. Shareholders equity was at $219.62 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 2.61 percent in the quarter.
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