Cousins Properties (CUZ) has reported 78.26 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $11.66 million, or $0.06 a share in the quarter, compared with $53.62 million, or $0.25 a share for the same period last year. Revenue during the quarter dropped 3.49 percent to $94.72 million from $98.15 million in the previous year period.
Total expenses were $94.72 million for the quarter, up 22.15 percent or $17.17 million from year-ago period.
Revenue from real estate activities during the quarter declined 3.54 percent or $3.40 million to $92.62 million.
Other income during the quarter was $0.15 million, down 65.54 percent or $0.29 million from year-ago period.
"Our third quarter operating results were solid, reflecting strong underlying office fundamentals in our Sunbelt markets," said Larry Gellerstedt, president and chief executive officer of Cousins. "Same property net operating income was positive, rents continued to roll up and leasing velocity accelerated."
Total assets grew 4.67 percent or $123.13 million to $2,760.73 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,095.30 million as on Sep. 30, 2016, up 13.50 percent or $130.28 million from year-ago.
Return on assets moved down 190 basis points to 0.42 percent in the quarter.
Shareholders equity was almost stable over the past one year at $1,665.44 million on Sep. 30, 2016.
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