First Potomac Realty Trust (FPO) has reported a 93,693.48 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $43.14 million, or $0.74 a share in the quarter, compared with $0.05 million, or $0.07 a share for the same period last year. Revenue during the quarter dropped 11.42 percent to $37.82 million from $42.70 million in the previous year period.
Cost of revenue dropped 12.74 percent or $2.13 million during the quarter to $14.62 million. Gross margin for the quarter expanded 59 basis points over the previous year period to 61.35 percent.
Total expenses were $33.68 million for the quarter, down 7.31 percent or $2.66 million from year-ago period. Operating margin for the quarter contracted 395 basis points over the previous year period to 10.95 percent.
Operating income for the quarter was $4.14 million, compared with $6.36 million in the previous year period.
Revenue from real estate activities during the quarter declined 11.42 percent or $4.87 million to $37.82 million.
Income from operating leases during the quarter dropped 8.94 percent or $3.03 million to $30.82 million. Revenue from tenant reimbursements was $7 million for the quarter, down 20.87 percent or $1.85 million from year-ago period.
Bob Milkovich, chief executive officer of First Potomac Realty Trust stated, “With over $100 million of additional non-core asset sales completed during the first quarter, we have largely achieved the disposition goals we announced in February 2016. In addition, with One Fair Oaks sold, 540 Gaither in active redevelopment with two floors already pre-leased and the potential for a short-term extension with the Bureau of Prisons at 500 First Street, we have addressed our major lease expirations and significantly reduced the risk of our portfolio. As we move forward in 2017, we will have a stronger portfolio and a more flexible capital structure to drive growth and to maximize shareholder value.”
Net receivables were at $50.82 million as on Mar. 31, 2017, down 37.03 percent or $29.89 million from year-ago.
Total assets declined 11.47 percent or $155.95 million to $1,204 million on Mar. 31, 2017. On the other hand, total liabilities were at $699.12 million as on Mar. 31, 2017, down 9.55 percent or $73.77 million from year-ago.
Return on assets moved up 408 basis points to 4.62 percent in the quarter. Return on equity was at 9.04 percent in the quarter against a negative 0.73 percent in the last year period.
Debt comes down
Total debt was at $643.71 million as on Mar. 31, 2017, down 7.59 percent or $52.87 million from year-ago. Shareholders equity stood at $477.36 million as on Mar. 31, 2017, down 14.82 percent or $83.08 million from year-ago. As a result, debt to equity ratio went up 11 basis points to 1.35 percent in the quarter.
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
