HRG Group, Inc (HRG) saw its loss narrow to $7.30 million, or $0.04 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $143.10 million, or $0.73 a share. Revenue during the quarter went up marginally by 2.11 percent to $1,308.60 million from $1,281.50 million in the previous year period. Gross margin for the quarter expanded 748 basis points over the previous year period to 38.87 percent. Total expenses were 88.15 percent of quarterly revenues, down from 96.72 percent for the same period last year. This has led to an improvement of 857 basis points in operating margin to 11.85 percent.
Operating income for the quarter was $155.10 million, compared with $42 million in the previous year period.
“In 2016, HRG achieved record levels of revenue, with double digit growth over the previous year, as well as our highest ever operating income, with a more than $580 million increase over Fiscal 2015, while also making substantial progress in simplifying our business and holding structure and continuing to work on FGL's transaction with Anbang” said Omar Asali, President and Chief Executive Officer of HRG.
Debt comes down
HRG Group, Inc has recorded a decline in total debt over the last one year. It stood at $5,430.90 million as on Sep. 30, 2016, down 9.25 percent or $553.70 million from $5,984.60 million on Sep. 30, 2015. Interest coverage ratio improved to 1.40 for the quarter from 0.41 for the same period last year. 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
