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Cousins Properties Inc (CUZ) has reported a 34.99 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $36.89 million, or $0.10 a share in the quarter, compared with $56.74 million, or $0.27 a share for the same period last year. Revenue during the quarter surged 128.98 percent to $114.29 million from $49.91 million in the previous year period.
Cost of revenue surged 115.95 percent or $22.69 million during the quarter to $42.25 million. Gross margin for the quarter expanded 223 basis points over the previous year period to 63.03 percent.
Total expenses were $119.32 million for the quarter, up 192.62 percent or $78.54 million from year-ago period. Operating margin for the quarter stood at negative 4.40 percent as compared to a positive 18.31 percent for the previous year period.
Revenue from real estate activities during the quarter surged 135.47 percent or $64.11 million to $111.43 million.
Other income during the quarter was $0.48 million, down 3.61 percent or $0.02 million from year-ago period.
“We concluded a transformational 2016 with several compelling, strategic transactions,” said Larry Gellerstedt, president and chief executive officer of Cousins Properties. “Looking forward, we are now ready to capitalize on the solid foundation we have built over the last few years and unlock the underlying potential of our unique strategy.”
Net receivables were at $27.68 million as on Dec. 31, 2016, up 155.66 percent or $16.86 million from year-ago.
Total assets jumped 60.58 percent or $1,573.80 million to $4,171.61 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,657.37 million as on Dec. 31, 2016, up 81.25 percent or $742.98 million from year-ago.
Return on assets moved down 76 basis points to 1.27 percent in the quarter. At the same time, return on equity moved down 190 basis points to 1.47 percent in the quarter.
Debt increases substantially
Total debt was at $1,380.92 million as on Dec. 31, 2016, up 92.11 percent or $662.11 million from year-ago. Shareholders equity stood at $2,514.24 million as on Dec. 31, 2016, up 49.35 percent or $830.82 million from year-ago. As a result, debt to equity ratio went up 12 basis points to 0.55 percent in the quarter. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
