General Growth Properties, Inc (GGP) has reported 444.34 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $674.18 million, or $0.70 a share in the quarter, compared with $123.85 million, or $0.13 a share for the same period last year. Revenue during the quarter dropped 5.27 percent to $554.49 million from $585.32 million in the previous year period.
Cost of revenue dropped 3.77 percent or $5.62 million during the quarter to $143.29 million. Gross margin for the quarter contracted 40 basis points over the previous year period to 74.16 percent.
Total expenses were $401.08 million for the quarter, up 11.30 percent or $40.73 million from year-ago period. Operating margin for the quarter contracted 1077 basis points over the previous year period to 27.67 percent.
Operating income for the quarter was $153.42 million, compared with $224.98 million in the previous year period.
Revenue from real estate activities during the quarter declined 3.69 percent or $20.54 million to $536.64 million.
Income from operating leases during the quarter dropped 3.01 percent or $10.99 million to $354.18 million. Revenue from tenant reimbursements was $162.03 million for the quarter, down 6.08 percent or $10.48 million from year-ago period.
Income from management fees during the quarter increased 4.78 percent or $0.93 million to $20.43 million.
Other income during the quarter was $17.85 million, down 36.56 percent or $10.29 million from year-ago period.
Receivables increase substantially
Net receivables were almost stable over the past one year at $883.07 million on Sep. 30, 2016. Total assets declined 4.53 percent or $1,076.61 million to $22,713.19 million on Sep. 30, 2016. On the other hand, total liabilities were at $13,537.94 million as on Sep. 30, 2016, down 11.09 percent or $1,687.78 million from year-ago.
Return on assets moved up 248 basis points to 3.62 percent in the quarter. At the same time, return on equity moved up 610 basis points to 7.54 percent in the quarter.
Debt comes down
Total debt was at $12,666.23 million as on Sep. 30, 2016, down 10.94 percent or $1,555.52 million from year-ago. Shareholders equity stood at $8,884.40 million as on Sep. 30, 2016, up 7.23 percent or $598.71 million from year-ago. As a result, debt to equity ratio went down 29 basis points to 1.43 percent in the quarter.
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