DDR Corp. (DDR) has reported a 63.90 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $33.74 million, or $0.08 a share in the quarter, compared with $93.47 million, or $0.24 a share for the same period last year.
Cost of revenue went down marginally by 2.96 percent or $1.07 million during the quarter to $35.20 million. Gross margin for the quarter contracted 41 basis points over the previous year period to 85.35 percent.
Total expenses were almost stable at $190.45 million, when compared with the previous year period. Operating margin for the quarter contracted 444 basis points over the previous year period to 20.73 percent.
Revenue from real estate activities during the quarter declined 5.70 percent or $14.53 million to $240.26 million.
Income from operating leases during the quarter dropped 6.09 percent or $11.07 million to $170.76 million. Revenue from tenant reimbursements was $55.70 million for the quarter, down 5.11 percent or $3 million from year-ago period.
Revenue from other real estate activities during the quarter was $13.80 million, down 3.20 percent or $0.46 million from year-ago period.
"I am pleased to report another strong quarter of executing on our stated near-term goals of asset sales, leverage reduction and organizational advancement. As we look forward, we are highly focused on completing the Company' transition and positioning the portfolio, balance sheet, and organization for years to come," commented Thomas F. August, president and chief executive officer.
Net receivables were almost stable over the past one year at $170.87 million on Dec. 31, 2016.
Total assets declined 9.89 percent or $899.57 million to $8,197.52 million on Dec. 31, 2016. On the other hand, total liabilities were at $4,951.51 million as on Dec. 31, 2016, down 12.11 percent or $682.11 million from year-ago.
Return on assets moved up 3 basis points to 0.73 percent in the quarter. At the same time, return on equity moved down 167 basis points to 0.87 percent in the quarter.
Debt comes down
Total debt was at $4,493.97 million as on Dec. 31, 2016, down 12.56 percent or $645.57 million from year-ago. Shareholders equity stood at $3,246.01 million as on Dec. 31, 2016, down 6.28 percent or $217.46 million from year-ago. As a result, debt to equity ratio went down 10 basis points to 1.38 percent in the quarter.
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