Colliers International Group Inc. (CIGI) has reported a 23.96 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $44.25 million, or $1.14 a share in the quarter, compared with $35.70 million, or $0.92 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $47.31 million, or $1.22 a share compared with $40.93 million or $1.06 a share, a year ago.
Revenue during the quarter grew 3.58 percent to $576.03 million from $556.11 million in the previous year period.
Cost of revenue rose 4.82 percent or $15.95 million during the quarter to $346.86 million. Gross margin for the quarter contracted 71 basis points over the previous year period to 39.78 percent.
Total expenses were $499.97 million for the quarter, up 1.80 percent or $8.83 million from year-ago period. Operating margin for the quarter expanded 152 basis points over the previous year period to 13.20 percent.
Operating income for the quarter was $76.06 million, compared with $64.98 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $90.44 million compared with $79.14 million in the prior year period. At the same time, adjusted EBITDA margin improved 147 basis points in the quarter to 15.70 percent from 14.23 percent in the last year period.
"Colliers International reported record revenue and earnings in 2016 despite political uncertainty and more challenging market conditions than the prior year. With strong results and the momentum we have created so far this year including significant acquisitions in Northern California, Nevada and Denmark, we fully expect 2017 to be another step forward in achieving our ambitious growth plans," said Jay S. Hennick, chairman and chief executive officer. "As one of the leading global players in commercial real estate, with a highly recognized global brand, ample financial capacity and a proven management team with a significant equity stake, Colliers International is in excellent position to continue generating value for shareholders in the years to come," he concluded.
Operating cash flow remains almost stable
Colliers International Group Inc. has generated cash of $156.26 million from operating activities during the year, down 0.62 percent or $0.98 million, when compared with the last year.
The company has spent $133.69 million cash to meet investing activities during the year as against cash outgo of $85.41 million in the last year.
The company has spent $14.86 million cash to carry out financing activities during the year as against cash outgo of $88.63 million in the last year period.
Cash and cash equivalents stood at $113.15 million as on Dec. 31, 2016, down 2.58 percent or $3 million from $116.15 million on Dec. 31, 2015.
Receivables move up marginally
Net receivables were at $311.02 million as on Dec. 31, 2016, up 4.21 percent or $12.55 million from year-ago.
Total assets stood at $1,194.78 million as on Dec. 31, 2016. On the other hand, total liabilities were at $102.36 million as on Dec. 31, 2016.
Return on assets was at 4.40 percent in the quarter. At the same time, return on equity was at 20.82 percent in the quarter.
Debt remains almost stable
Total debt was at $262.50 million as on Dec. 31, 2016, up 0.59 percent or $1.55 million from year-ago. Shareholders equity was at $212.51 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 1.24 percent in the quarter.
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