DCT Industrial Trust Inc (DCT) has reported an 83.99 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $15.56 million, or $0.17 a share in the quarter, compared with $8.46 million, or $0.09 a share for the same period last year.
Revenue during the quarter grew 13.40 percent to $100.27 million from $88.42 million in the previous year period.
Cost of revenue rose 3.98 percent or $0.91 million during the quarter to $23.87 million. Gross margin for the quarter expanded 216 basis points over the previous year period to 76.20 percent.
Total expenses were $69.07 million for the quarter, down 1.99 percent or $1.41 million from year-ago period. Operating margin for the quarter expanded 1082 basis points over the previous year period to 31.12 percent.
Operating income for the quarter was $31.20 million, compared with $17.95 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $75.44 million compared with $65.06 million in the prior year period. At the same time, adjusted EBITDA margin improved 166 basis points in the quarter to 75.24 percent from 73.58 percent in the last year period.
For financial year 2016, the company forecasts diluted earnings per share to be in the range of $0.87 to $0.91.
Revenue from real estate activities during the quarter increased 13.40 percent or $11.85 million to $100.27 million.
Income from operating leases during the quarter rose 13.44 percent or $11.84 million to $99.93 million.
Income from management fees during the quarter went up marginally by 2.40 percent or $0.01 million to $0.34 million.
“DCT had a great third quarter highlighted by strong occupancy, rental rate and same-store NOI growth,” said Phil Hawkins, president and chief executive officer for DCT Industrial. “Leasing in our development pipeline continues to exceed expectations, reflecting the quality of our development projects which are located in high-demand submarkets. We continue to see strong, broad-based customer demand across all markets and industry verticals including e-commerce, consumer, auto and housing.”
Receivables increase substantially
Net receivables were at $76.80 million as on Sep. 30, 2016, up 33.93 percent or $19.46 million from year-ago.
Investments stood at $3,604.49 million as on Sep. 30, 2016.
Total assets grew 4.25 percent or $151.96 million to $3,724.17 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,782.69 million as on Sep. 30, 2016, up 3.55 percent or $61.15 million from year-ago.
Return on assets moved up 24 basis points to 0.86 percent in the quarter. At the same time, return on equity moved up 35 basis points to 0.79 percent in the quarter.
Debt moves up marginally
Total debt was at $1,555.64 million as on Sep. 30, 2016, up 1.48 percent or $22.69 million from year-ago. Shareholders equity stood at $1,941.47 million as on Sep. 30, 2016, up 4.91 percent or $90.80 million from year-ago. As a result, debt to equity ratio went down 3 basis points to 0.80 percent in the quarter.
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