iStar Inc (SFI) has reported a 787.18 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $59.12 million, or $0.44 a share in the quarter, compared with $6.66 million, or $0.07 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $49.11 million, or $0.47 a share compared with $27.30 million or $0.25 a share, a year ago.
Revenue during the quarter grew 6.79 percent to $128.67 million from $120.49 million in the previous year period.
Cost of revenue rose 25.09 percent or $11.50 million during the quarter to $57.34 million. Gross margin for the quarter contracted 652 basis points over the previous year period to 55.44 percent.
Total expenses were $139.72 million for the quarter, down 9.53 percent or $14.72 million from year-ago period. Operating margin for the quarter stood at negative 8.59 percent as compared to a negative 28.18 percent for the previous year period.
Operating loss for the quarter was $11.05 million, compared with an operating loss of $33.95 million in the previous year period.
Revenue from real estate activities during the quarter declined 6.30 percent or $5.63 million to $83.67 million.
Income from operating leases during the quarter dropped 7.69 percent or $4.28 million to $51.41 million.
Revenue from other real estate activities during the quarter was $32.26 million, down 3.99 percent or $1.34 million from year-ago period.
Other income during the quarter was $13.44 million, down 20.41 percent or $3.45 million from year-ago period.
Receivables move up marginally
Net receivables were at $1,644.91 million as on Sep. 30, 2016, up 2.75 percent or $43.97 million from year-ago.
Investments stood at $262.50 million as on Sep. 30, 2016, down 9.65 percent or $28.02 million from year-ago.
Total assets declined 7.17 percent or $404.78 million to $5,238.01 million on Sep. 30, 2016. On the other hand, total liabilities were at $4,159.93 million as on Sep. 30, 2016, down 7.21 percent or $323.08 million from year-ago.
Return on assets moved up 100 basis points to 1.11 percent in the quarter. Return on equity was at 4.32 percent in the quarter against a negative 0.53 percent in the last year period.
Debt comes down
Total debt was at $3,749.87 million as on Sep. 30, 2016, down 9.53 percent or $394.94 million from year-ago. Shareholders equity stood at $1,071.49 million as on Sep. 30, 2016, down 6.68 percent or $76.72 million from year-ago. As a result, debt to equity ratio
went down 11 basis points to 3.50 percent in the quarter.
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