GGP (GGP) has reported 21.86 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $236.46 million, or $0.24 a share in the quarter, compared with $194.04 million, or $0.20 a share for the same period last year.
Revenue during the quarter dropped 5.32 percent to $610.34 million from $644.63 million in the previous year period.
Cost of revenue dropped 4.07 percent or $5.81 million during the quarter to $137.12 million. Gross margin for the quarter contracted 29 basis points over the previous year period to 77.53 percent.
Total expenses were $353.52 million for the quarter, down 5.96 percent or $22.39 million from year-ago period. Operating margin for the quarter expanded 39 basis points over the previous year period to 42.08 percent.
Operating income for the quarter was $256.82 million, compared with $268.73 million in the previous year period.
For the first-quarter, The company expects diluted earnings per share to be in the range of $0.12 to $0.14
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $0.63 to $0.68.
Revenue from real estate activities during the quarter declined 4.58 percent or $27.72 million to $577.56 million.
Income from operating leases during the quarter dropped 5.21 percent or $21.50 million to $390.99 million. Revenue from tenant reimbursements was $163.84 million for the quarter, down 4.47 percent or $7.66 million from year-ago period.
Income from management fees during the quarter increased 6.79 percent or $1.45 million to $22.73 million.
Other income during the quarter was $32.78 million, down 16.72 percent or $6.58 million from year-ago period.
Net receivables were at $322.20 million as on Dec. 31, 2016, down 4.27 percent or $14.38 million from year-ago.
Total assets declined 5.57 percent or $1,340.81 million to $22,732.75 million on Dec. 31, 2016. On the other hand, total liabilities were at $13,769.29 million as on Dec. 31, 2016, down 11.04 percent or $1,708.34 million from year-ago.
Return on assets moved up 22 basis points to 1.65 percent in the quarter. At the same time, return on equity moved up 38 basis points to 2.67 percent in the quarter.
Debt comes downTotal debt was at $12,636.62 million as on Dec. 31, 2016, down 12.38 percent or $1,785.74 million from year-ago. Shareholders equity stood at $8,700.73 million as on Dec. 31, 2016, up 4.72 percent or $392.43 million from year-ago. As a result, debt to equity ratio went down 28 basis points to 1.45 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
