DCT Industrial Trust, Inc. (DCT) has reported a 58.89 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $14.96 million, or $0.16 a share in the quarter, compared with $36.39 million, or $0.41 a share for the same period last year.
Revenue during the quarter grew 12.21 percent to $105.90 million from $94.37 million in the previous year period.
Cost of revenue rose 14.83 percent or $2.16 million during the quarter to $16.77 million. Gross margin for the quarter contracted 36 basis points over the previous year period to 84.17 percent.
Total expenses were $74.76 million for the quarter, up 5.32 percent or $3.77 million from year-ago period. Operating margin for the quarter expanded 462 basis points over the previous year period to 29.41 percent.
Operating income for the quarter was $31.14 million, compared with $23.39 million in the previous year period.
For financial year 2017, DCT Industrial Trust, Inc. projects diluted earnings per share to be in the range of $0.54 to $0.62.
Revenue from real estate activities during the quarter increased 12.21 percent or $11.53 million to $105.90 million.
Income from operating leases during the quarter rose 12.18 percent or $11.45 million to $105.42 million.
Income from management fees during the quarter increased 20.10 percent or $0.08 million to $0.47 million.
"DCT had an excellent start to 2017," said Phil Hawkins, president and chief executive officer of DCT Industrial. "Our operating results are trending ahead of expectations and we continue to have good leasing activity across our operating and development portfolios."
Receivables move up
Net receivables were at $81.60 million as on Mar. 31, 2017, up 21.59 percent or $14.49 million from year-ago.
Total assets grew 3.92 percent or $144.40 million to $3,824.84 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,861.65 million as on Mar. 31, 2017, up 3.35 percent or $60.35 million from year-ago.
Return on assets moved down 64 basis points to 0.85 percent in the quarter. At the same time, return on equity moved down 117 basis points to 0.75 percent in the quarter.
Debt moves up marginally
Total debt was at $1,659.37 million as on Mar. 31, 2017, up 3.95 percent or $63.10 million from year-ago. Shareholders equity stood at $1,963.19 million as on Mar. 31, 2017, up 4.47 percent or $84.05 million from year-ago. As a result, debt to equity ratio was almost stable at 0.85 percent in the quarter, when compared with the last year period.
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