Care Capital Properties, Inc. (CCP) has reported a 15.79 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $36.82 million, or $0.44 a share in the quarter, compared with $31.80 million, or $0.38 a share for the same period last year.
Revenue during the quarter grew 3.52 percent to $90.41 million from $87.33 million in the previous year period.
Total expenses were $38.65 million for the quarter, down 18.28 percent or $8.65 million from year-ago period. Operating margin for the quarter expanded 1141 basis points over the previous year period to 57.25 percent.
Operating income for the quarter was $51.76 million, compared with $40.03 million in the previous year period.
For financial year 2017, the company projects diluted earnings per share to be in the range of $1.55 to $1.65.
Revenue from real estate activities during the quarter declined 6.13 percent or $5.29 million to $80.88 million.
Income from operating leases during the quarter dropped 6.28 percent or $5.32 million to $79.37 million.
Revenue from other real estate activities during the quarter was $1.51 million, up 2.02 percent or $0.03 million from year-ago period.
Other income during the quarter was $9.52 million, up 719.71 percent or $8.36 million from year-ago period.
"We are pleased to have delivered strong results in 2016, while generating robust cash flow to reinvest in growing our business. Our many accomplishments included putting our permanent capital structure in place, improving our portfolio through acquisitions, portfolio redevelopment, dispositions and asset transitions and building out our standalone infrastructure," CCP Chief Executive Officer Raymond J. Lewis said. "In addition, we paid an attractive dividend and enhanced our investment grade balance sheet. As we look ahead to 2017, we are focused on completing value-enhancing investments and managing our portfolio to invest and grow with quality operators."
Operating cash flow declines
Care Capital Properties has generated cash of $249.22 million from operating activities during the year, down 6.72 percent or $17.95 million, when compared with the last year.
Cash flow from investing activities was $14.66 million from investing activities during the year as against cash outgo of $507.11 million in the last year.
The company has spent $265.06 million cash to carry out financing activities during the year as against cash inflow of $254.51 million in the last year period.
Cash and cash equivalents stood at $15.81 million as on Dec. 31, 2016, down 6.95 percent or $1.18 million from $17 million on Dec. 31, 2015.
Net receivables were at $62.26 million as on Dec. 31, 2016, up 109.45 percent or $32.54 million from year-ago.
Investments stood at $22.53 million as on Dec. 31, 2016, up 2.07 percent or $0.46 million from year-ago.
Total assets declined 4.83 percent or $142.60 million to $2,812.37 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,647.18 million as on Dec. 31, 2016, down 5.29 percent or $91.94 million from year-ago.
Return on assets moved up 48 basis points to 1.84 percent in the quarter. At the same time, return on equity moved up 54 basis points to 3.16 percent in the quarter.
Debt comes down
Total debt was at $1,414.53 million as on Dec. 31, 2016, down 7.24 percent or $110.33 million from year-ago. Shareholders equity stood at $1,165.19 million as on Dec. 31, 2016, down 4.17 percent or $50.66 million from year-ago. As a result, debt to equity ratio went down 4 basis points to 1.21 percent in the quarter.
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