InfraREIT, Inc. (HIFR) has reported a 25.87 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $7.95 million, or $0.18 a share in the quarter, compared with $6.32 million, or $0.14 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $18.15 million, or $0.30 a share compared with $18.80 million or $0.31 a share, a year ago.
Revenue from real estate activities during the quarter increased 17.70 percent or $5.96 million to $39.62 million.
Total expenses were $18.67 million for the quarter, up 12.33 percent or $2.05 million from year-ago period. Operating margin for the quarter expanded 225 basis points over the previous year period to 52.89 percent.
Operating income for the quarter was $20.96 million, compared with $17.05 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $40.77 million compared with $38.14 million in the prior year period.
Income from operating leases during the quarter rose 17.70 percent or $5.96 million to $39.62 million.
"Our performance in 2017 is off to a solid start," said David A. Campbell, chief executive officer of InfraREIT. “Regarding our rate case, we appreciate the time and effort of all of the parties as we continue to work towards a resolution. We are focused on meeting the infrastructure and reliability needs of customers across our service territories. We invested more than $50 million in capital expenditures during the quarter, and we continue to estimate that our capital expenditures during the period of 2017 to 2019 will fall in the $275 million to $500 million range."
Operating cash flow declines
InfraREIT, Inc. has generated cash of $29.81 million from operating activities during the quarter, down 8.39 percent or $ 2.73 million, when compared with the last year period. The company has spent $52.22 million cash to meet investing activities during the quarter as against cash outgo of $58.50 million in the last year period.
Cash flow from financing activities was $7.42 million for the quarter, down 75.19 percent or $22.48 million, when compared with the last year period.
Cash and cash equivalents stood at $2.62 million as on Mar. 31, 2017, down 80.49 percent or $10.80 million from $13.42 million on Mar. 31, 2016.
Real estate inventory stood at $7.23 million as on Mar. 31, 2017. Net receivables stood at $27.06 million as on Mar. 31, 2017.
Total assets stood at $1,890.29million as on Mar. 31, 2017. On the other hand, total liabilities were at $950.39 million as on Mar. 31, 2017.
Return on assets was at 1.10 percent in the quarter. At the same time, return on equity was at 0.85 percent in the quarter.
Total debt was at $877.42 million as on Mar. 31, 2017. Shareholders equity was at $939.90 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 0.93 percent in the quarter.
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