First Industrial Realty Trust, Inc. (FR) has reported an 126.48 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $31.52 million in the quarter, compared with $13.92 million for the same period last year.
Revenue during the quarter went up marginally by 1.52 percent to $93.56 million from $92.16 million in the previous year period.
Cost of revenue went down marginally by 1.80 percent or $0.50 million during the quarter to $27.54 million. Gross margin for the quarter expanded 100 basis points over the previous year period to 70.57 percent.
Total expenses were $62.46 million for the quarter, down 1.18 percent or $0.75 million from year-ago period. Operating margin for the quarter expanded 183 basis points over the previous year period to 33.25 percent.
Operating income for the quarter was $31.11 million, compared with $28.96 million in the previous year period.
"The industrial real estate market continues to experience broad-based tenant demand that has exceeded new supply," said Bruce W. Duncan, First Industrial’s chairman and CEO. “Reflective of this healthy environment, our team delivered excellent rental rate growth during the quarter, along with key development leasing wins."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
