HCP (HCP) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $58.66 million, or $ 0.12 a share in the quarter, against a net loss of $598.87 million, or $1.29 a share in the last year period.
Revenue during the quarter grew 3.77 percent to $539.95 million from $520.32 million in the previous year period.
Total expenses were $366.94 million for the quarter, up 10.84 percent or $35.90 million from year-ago period. Operating margin for the quarter contracted 434 basis points over the previous year period to 32.04 percent.
Operating income for the quarter was $173.02 million, compared with $189.29 million in the previous year period.
For financial year 2017, the company projects diluted earnings per share to be in the range of $1.32 to $1.38.
Revenue from real estate activities during the quarter went down marginally by 0.72 percent or $2.33 million to $321.53 million.
Income from operating leases during the quarter went down marginally by 1.75 percent or $5.12 million to $286.97 million. Revenue from tenant reimbursements was $34.56 million for the quarter, up 8.75 percent or $2.78 million from year-ago period.
Operating cash flow remains almost stable
Hcp has generated cash of $1,214.13 million from operating activities during the year, down 0.66 percent or $8.01 million, when compared with the last year.
The company has spent $410.62 million cash to meet investing activities during the year as against cash outgo of $1,672 million in the last year.
The company has spent $1,054.26 million cash to carry out financing activities during the year as against cash inflow of $614.09 million in the last year period.
Cash and cash equivalents stood at $94.73 million as on Dec. 31, 2016, down 72.17 percent or $245.71 million from $340.44 million on Dec. 31, 2015.
Receivables move up marginally
Net receivables were at $853.07 million as on Dec. 31, 2016, up 4.33 percent or $35.40 million from year-ago.
Investments were almost stable over the past one year at $752.59 million on Dec. 31, 2016.
Total assets declined 26.53 percent or $5,690.58 million to $15,759.26 million on Dec. 31, 2016. On the other hand, total liabilities were at $9,817.96 million as on Dec. 31, 2016, down 16.11 percent or $1,885.57 million from year-ago.
Return on assets moved up 19 basis points to 1.16 percent in the quarter. Return on equity was at 0.98 percent in the quarter against a negative 6.15 percent in the last year period.
Debt comes down
Total debt was at $9,189.50 million as on Dec. 31, 2016, down 16.98 percent or $1,879.51 million from year-ago. Shareholders equity stood at $5,941.31 million as on Dec. 31, 2016, down 39.04 percent or $3,805.01 million from year-ago. As a result, debt to equity ratio went up 41 basis points to 1.55 percent in the quarter.
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