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Kimco Realty Corporation (KIM) has reported 79.36 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $78.27 million, or $0.16 a share in the quarter, compared with $379.20 million, or $0.87 a share for the same period last year.
Revenue during the quarter went down marginally by 1.28 percent to $297.03 million from $300.87 million in the previous year period.
Cost of revenue went up marginally by 1.70 percent or $0.69 million during the quarter to $41.37 million. Gross margin for the quarter contracted 41 basis points over the previous year period to 86.07 percent.
Total expenses were $225.21 million for the quarter, up 3.09 percent or $6.75 million from year-ago period. Operating margin for the quarter contracted 321 basis points over the previous year period to 24.18 percent.
Operating income for the quarter was $71.82 million, compared with $82.41 million in the previous year period.
For financial year 2017, the company projects diluted earnings per share to be in the range of $0.64 to $0.67.
Revenue from real estate activities during the quarter went down marginally by 1.28 percent or $3.84 million to $297.03 million.
Income from operating leases during the quarter went down marginally by 1.21 percent or $3.59 million to $292.91 million.
Income from management fees during the quarter dropped 5.77 percent or $0.25 million to $4.12 million.
Receivables move up marginallyNet receivables were at $181.82 million as on Dec. 31, 2016, up 3.75 percent or $6.57 million from year-ago.
Total assets went down marginally by 1 percent or $113.57 million to $11,230.60 million on Dec. 31, 2016. On the other hand, total liabilities were at $5,740.77 million as on Dec. 31, 2016, down 5.51 percent or $334.74 million from year-ago.
Return on assets moved down 248 basis points to 1.01 percent in the quarter. At the same time, return on equity moved down 571 basis points to 1.23 percent in the quarter.
Debt comes downTotal debt was at $5,066.37 million as on Dec. 31, 2016, down 5.76 percent or $309.94 million from year-ago. Shareholders equity stood at $5,402.87 million as on Dec. 31, 2016, up 4.26 percent or $220.92 million from year-ago. As a result, debt to equity ratio went down 10 basis points to 0.94 percent in the quarter.
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