HCP (HCP) has reported a 297.13 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $461.14 million, or $0.97 a share in the quarter, compared with $116.12 million, or $0.25 a share for the same period last year.
Revenue during the quarter dropped 5.44 percent to $492.17 million from $520.46 million in the previous year period.
Total expenses were $319.17 million for the quarter, down 7.15 percent or $24.57 million from year-ago period. Operating margin for the quarter expanded 120 basis points over the previous year period to 35.15 percent.
Operating income for the quarter was $173 million, compared with $176.72 million in the previous year period.
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $1.43 to $1.49.
Revenue from real estate activities during the quarter went down marginally by 0.58 percent or $1.86 million to $319.89 million.
Income from operating leases during the quarter went down marginally by 1.43 percent or $4.16 million to $286.22 million. Revenue from tenant reimbursements was $33.68 million for the quarter, up 7.33 percent or $2.30 million from year-ago period.
Operating cash flow drops significantly
HCP has generated cash of $193.13 million from operating activities during the quarter, down 28.10 percent or $ 75.49 million, when compared with the last year period.
Cash flow from investing activities was $1,715.22 million for the quarter as against cash outgo of $165.76 million in the last year period.
The company has spent $1,238.97 million cash to carry out financing activities during the quarter as against cash outgo of $354.40 million in the last year period.
Cash and cash equivalents stood at $764.11 million as on Mar. 31, 2017, up 707.18 percent or $669.45 million from $94.66 million on Mar. 31, 2016.
Receivables move up marginally
Net receivables were at $819.99 million as on Mar. 31, 2017, up 0.72 percent or $5.87 million from year-ago.
Investments stood at $712.54 million as on Mar. 31, 2017, down 87.83 percent or $5,144.67 million from year-ago.
Total assets declined 29.92 percent or $6,344.06 million to $14,855.87 million on Mar. 31, 2017. On the other hand, total liabilities were at $8,682.39 million as on Mar. 31, 2017, down 24.96 percent or $2,887.21 million from year-ago.
Return on assets moved up 289 basis points to 3.71 percent in the quarter. At the same time, return on equity moved up 626 basis points to 7.46 percent in the quarter.
Debt comes down significantly
Total debt was at $8,141.45 million as on Mar. 31, 2017, down 25.55 percent or $2,794.49 million from year-ago. Shareholders equity stood at $6,173.48 million as on Mar. 31, 2017, down 35.90 percent or $3,456.85 million from year-ago. As a result, debt to equity ratio went up 18 basis points to 1.32 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
