CBL & Associates Properties, Inc (CBL) has reported a 97.18 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $1.06 million, or $0.06 a share in the quarter, compared with $37.57 million, or $0.15 a share for the same period last year.     

Revenue from real estate activities during the quarter declined 4.16 percent or $10.92 million to $251.72 million.

Total expenses were $214.99 million for the quarter, up 27.50 percent or $46.36 million from year-ago period. Operating margin for the quarter contracted 2120 basis points over the previous year period to 14.59 percent.

Operating income for the quarter was $36.73 million, compared with $94.01 million in the previous year period.

For fiscal year 2016, the company expects diluted earnings per share to be in the range of $0.69 to $0.73.

Income from operating leases during the quarter dropped 3.87 percent or $6.91 million to $171.54 million. Revenue from tenant reimbursements was $69.49 million for the quarter, down 4.10 percent or $2.97 million from year-ago period.

Income from management fees during the quarter jumped 51.67 percent or $1.42 million to $4.18 million. Revenue from other real estate activities during the quarter was $6.52 million, down 27.35 percent or $2.45 million from year-ago period.

CBL's president and chief executive officer Stephen Lebovitz commented, "Our strong third quarter results and outstanding operating performance year-to-date is further evidence that our portfolio transformation strategy is working. Same-center NOI growth at the high-end of our guidance range was driven by top-line revenue growth as same-center mall occupancy increased 90 basis points and lease spreads improved to average 10.2%."

Net receivables were at $123.21 million as on Sep. 30, 2016, down 3.27 percent or $4.17 million from year-ago.

Total assets declined 7.79 percent or $521.41 million to $6,174.32 million on Sep. 30, 2016. On the other hand, total liabilities were at $4,834.91 million as on Sep. 30, 2016, down 6.60 percent or $341.78 million from year-ago.

Return on assets moved down 65 basis points to 0.81 percent in the quarter. Return on equity was negative at 0.77 percent in the quarter against a positive 1.77 percent in the last year period.