Getty Realty Corp (GTY) has reported 25.15 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $8.80 million, or $0.26 a share in the quarter, compared with $7.04 million, or $0.21 a share for the same period last year. Revenue during the quarter dropped 4.92 percent to $28.51 million from $29.99 million in the previous year period.
Cost of revenue dropped 17.68 percent or $1.12 million during the quarter to $5.20 million. Gross margin for the quarter expanded 283 basis points over the previous year period to 81.75 percent.
Total expenses were $15.77 million for the quarter, down 16.10 percent or $3.03 million from year-ago period. Operating margin for the quarter expanded 737 basis points over the previous year period to 44.67 percent.
Operating income for the quarter was $12.74 million, compared with $11.18 million in the previous year period.
For financial year 2016, the company forecasts diluted earnings per share to be in the range of $1.55 to $1.60.
Christopher J. Constant, Gettys president and chief executive officer commented, "We are pleased to report another quarter of consistent earnings growth as our convenience store and gasoline station properties continue their strong performance. We made solid progress this quarter with our investing and disposition activities, which contribute to our long-term strategic goal of owning a portfolio of high quality, well-located properties. In addition, the six leases signed for redevelopment projects in the quarter demonstrate our ability to produce additional value from our assets. As we continue to execute on our strategic plan, we further position Getty to drive increased shareholder value."
Net receivables were at $36.05 million as on Sep. 30, 2016, down 31.32 percent or $16.44 million from year-ago.
Investments stood at $661.37 million as on Sep. 30, 2016, up 599.50 percent or $566.82 million from year-ago.
Total assets declined 3.95 percent or $35.81 million to $871.07 million on Sep. 30, 2016. On the other hand, total liabilities were at $451.24 million as on Sep. 30, 2016, down 10.58 percent or $53.39 million from year-ago.
Return on assets moved up 10 basis points to 1.54 percent in the quarter. At the same time, return on equity moved up 35 basis points to 2.10 percent in the quarter.
Debt increases substantiallyTotal debt was at $298.36 million as on Sep. 30, 2016, up 32.60 percent or $73.36 million from year-ago. Shareholders equity stood at $419.84 million as on Sep. 30, 2016, up 4.37 percent or $17.58 million from year-ago. As a result, debt to equity ratio went up 15 basis points to 0.71 percent in the quarter.
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