The Howard Hughes Corporation (HHC) has reported 68.44 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $43.60 million, or $1.02 a share in the quarter, compared with $25.88 million, or $0.59 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $72.11 million, or $1.69 a share compared with $52.43 million or $1.23 a share, a year ago. Revenue during the quarter grew 21.43 percent to $278.55 million from $229.39 million in the previous year period.
Cost of revenue rose 26.63 percent or $26.56 million during the quarter to $126.26 million. Gross margin for the quarter contracted 186 basis points over the previous year period to 54.67 percent.
Total expenses were $219.17 million for the quarter, up 15.84 percent or $29.97 million from year-ago period. Operating margin for the quarter expanded 379 basis points over the previous year period to 21.31 percent.
Operating income for the quarter was $59.37 million, compared with $40.19 million in the previous year period.
“In the fourth quarter, The Howard Hughes Corporation showed significant progress across our three business segments as we saw significant growth with increased Operating Asset NOI, increased MPC residential land sales and meaningful progress in our strategic developments with the delivery of our first residential building in Ward Village, Waiea,” said David R. Weinreb, Chief Executive Officer. “We are creating value across our portfolio every day, as we continue to transform our strategic developments into revenue generating assets, converting our assets into a predominantly revenue-generating portfolio. Additionally, I am pleased with our capital recycling activity, both during and subsequent to the quarter, with the sale of non-core assets and acquisitions that
Receivables move upNet receivables were at $160.42 million as on Dec. 31, 2016, up 5.84 percent or $8.85 million from year-ago. Total assets grew 11.29 percent or $645.80 million to $6,367.38 million on Dec. 31, 2016. On the other hand, total liabilities were at $3,795.87 million as on Dec. 31, 2016, up 13.05 percent or $438.18 million from year-ago.
Return on assets moved up 48 basis points to 1.21 percent in the quarter. At the same time, return on equity moved up 60 basis points to 1.70 percent in the quarter.
Debt moves up
Total debt was at $2,690.75 million as on Dec. 31, 2016, up 10.10 percent or $246.78 million from year-ago. Shareholders equity stood at $2,571.51 million as on Dec. 31, 2016, up 8.78 percent or $207.62 million from year-ago. As a result, debt to equity ratio went up 1 basis points to 1.05 percent in the quarter.
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