Forest City Realty Trust, Inc. (FCEA) has reported a 99.67 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $1.82 million in the quarter, compared with $548.71 million for the same period last year.
Revenue during the quarter dropped 12.13 percent to $239.73 million from $272.83 million in the previous year period.
Cost of revenue dropped 21.22 percent or $29.71 million during the quarter to $110.33 million. Gross margin for the quarter expanded 531 basis points over the previous year period to 53.98 percent.
Total expenses were $196.57 million for the quarter, down 30.28 percent or $85.38 million from year-ago period. Operating margin for the quarter period stood at positive 18 percent as compared to a negative 3.34 percent for the previous year period.
Operating income for the quarter was $43.16 million, compared with an operating loss of $9.12 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $176.30 million compared with $170.30 million in the prior year period. At the same time, adjusted EBITDA margin improved 1112 basis points in the quarter to 73.54 percent from 62.42 percent in the last year period.
Revenue from real estate activities during the quarter declined 12.13 percent or $33.10 million to $239.73 million.
Income from operating leases during the quarter dropped 3.56 percent or $5.98 million to $161.94 million. Revenue from tenant reimbursements was $23.16 million for the quarter, down 28.95 percent or $9.43 million from year-ago period.
Income from management fees during the quarter increased 12.51 percent or $1.73 million to $15.60 million. Revenue from other real estate activities during the quarter was $39.03 million, down 33.23 percent or $19.43 million from year-ago period.
"Overall, our results for the fourth quarter and full year 2016 met our expectations and reflect the substantial progress we have made in our continued transformation as a company, and our commitment to further improve performance and create value that we believe will be reflected in our share price," said David J. LaRue, Forest City president and chief executive officer.
Net receivables were at $591.73 million as on Dec. 31, 2016, up 57.31 percent or $215.58 million from year-ago.
Total assets stood at $8,228.60million as on Dec. 31, 2016. On the other hand, total liabilities were at $4,443.60 million as on Dec. 31, 2016.
Return on assets was at 0.59 percent in the quarter. At the same time, return on equity was at 0.05 percent in the quarter.
Debt comes down
Total debt was at $3,566.28 million as on Dec. 31, 2016, down 15.55 percent or $656.65 million from year-ago. Shareholders equity was at $3,785 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 0.94 percent in the quarter.
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