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Duke Realty Corporation (DRE) has reported 96.91 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $47.76 million, or $0.13 a share in the quarter, compared with $24.25 million, or $0.07 a share for the same period last year.
Revenue during the quarter went up marginally by 1.34 percent to $224.53 million from $221.56 million in the previous year period.
Cost of revenue dropped 3.30 percent or $2.53 million during the quarter to $74.15 million. Gross margin for the quarter expanded 158 basis points over the previous year period to 66.98 percent.
Total expenses were $127.92 million for the quarter, down 21.20 percent or $34.41 million from year-ago period. Operating margin for the quarter expanded 1629 basis points over the previous year period to 43.03 percent.
Operating income for the quarter was $96.60 million, compared with $59.23 million in the previous year period.
Revenue from real estate activities during the quarter went up marginally by 1.34 percent or $2.96 million to $224.53 million.
Income from operating leases during the quarter went up marginally by 2.89 percent or $5.75 million to $204.26 million.
Revenue from other real estate activities during the quarter was $20.26 million, down 12.08 percent or $2.78 million from year-ago period.
Jim Connor, President and chief executive officer said, "I'm happy to report that we finished the year at another record-high level of in-service occupancy. Same-property net operating income growth continued at a strong pace, increasing by 4.5 percent for the three months ended December 31, 2016 compared to the same period in 2015, as the result of increased occupancy and continued rental rate growth."
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.38 to $0.59.
Net receivables were at $30.81 million as on Dec. 31, 2016, down 12.72 percent or $4.49 million from year-ago.
Total assets went down marginally by 2.10 percent or $145.11 million to $6,772 million on Dec. 31, 2016. On the other hand, total liabilities were at $3,278.71 million as on Dec. 31, 2016, down 11.68 percent or $433.60 million from year-ago.
Return on assets moved up 35 basis points to 1.16 percent in the quarter. At the same time, return on equity moved up 61 basis points to 1.37 percent in the quarter.
Debt comes down
Total debt was at $2,908.48 million as on Dec. 31, 2016, down 12.40 percent or $411.66 million from year-ago. Shareholders equity stood at $3,493.29 million as on Dec. 31, 2016, up 9 percent or $288.49 million from year-ago. As a result, debt to equity ratio went down 20 basis points to 0.83 percent in the quarter.
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