Gramercy Property Trust (GPT) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $0.95 million, or $ 0.01 a share in the quarter, against a net profit of $1.99 million in the last year period.
Revenue during the quarter surged 101.02 percent to $131.09 million from $65.21 million in the previous year period.
Cost of revenue surged 73.68 percent or $11.66 million during the quarter to $27.50 million. Gross margin for the quarter expanded 330 basis points over the previous year period to 79.03 percent.
Total expenses were $99.80 million for the quarter, up 91.01 percent or $47.55 million from year-ago period. Operating margin for the quarter expanded 399 basis points over the previous year period to 23.87 percent.
Operating income for the quarter was $31.30 million, compared with $12.97 million in the previous year period.
Revenue from real estate activities during the quarter surged 106.19 percent or $55.63 million to $108.02 million.
Income from operating leases during the quarter surged 113.50 percent or $53.61 million to $100.85 million.
Income from management fees during the quarter jumped 39.18 percent or $2.02 million to $7.17 million.
Other income during the quarter was $1.84 million, up 15.99 percent or $0.25 million from year-ago period.
Net receivables were at $69.13 million as on Sep. 30, 2016, up 498.38 percent or $57.58 million from year-ago.
Total assets jumped 88.74 percent or $2,436.94 million to $5,183.23 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,409.06 million as on Sep. 30, 2016, up 63.52 percent or $935.79 million from year-ago.
Return on assets moved down 11 basis points to 0.29 percent in the quarter. Return on equity was negative at 0.09 percent in the quarter against a positive 0.03 percent in the last year period.
Debt increases substantially
Total debt was at $2,013.92 million as on Sep. 30, 2016, up 50.43 percent or $675.13 million from year-ago. Shareholders equity stood at $2,765.10 million as on Sep. 30, 2016, up 117.21 percent or $1,492.08 million from year-ago. As a result, debt to equity ratio went down 32 basis points to 0.73 percent in the quarter.
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