Liberty Property Limited Partnership (LRY) has reported 139.18 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $195.38 million, or $1.33 a share in the quarter, compared with $81.69 million, or $0.55 a share for the same period last year. On an adjusted basis, earnings per share were at $1.33 for the quarter compared with $0.55 in the same period last year. Revenue during the quarter dropped 10.19 percent to $179.06 million from $199.38 million in the previous year period.
Cost of revenue dropped 23.98 percent or $14.52 million during the quarter to $46.03 million. Gross margin for the quarter expanded 466 basis points over the previous year period to 74.29 percent.
Total expenses were $128.05 million for the quarter, down 4.58 percent or $6.14 million from year-ago period. Operating margin for the quarter contracted 421 basis points over the previous year period to 28.48 percent.
Operating income for the quarter was $51 million, compared with $65.19 million in the previous year period.
“We could not be more pleased with what we achieved in 2016, both in terms of our strategic execution, and the performance of our real estate,” said Bill Hankowsky, chairman, president, and chief executive officer. “As we enter 2017 we are encouraged by the continued strength in the industrial markets, with the resultant rising market rents and outstanding development opportunities, supported by the stability of a well-leased portfolio and a strong balance sheet.”
Receivables move up marginally
Net receivables were at $14.43 million as on Dec. 31, 2016, up 0.63 percent or $0.09 million from year-ago. Accounts payable stood at $65.92 million as on Dec. 31, 2016. Total assets stood at $5,990.39million as on Dec. 31, 2016. On the other hand, total liabilities were at $2,919.93 million as on Dec. 31, 2016.
Return on assets was at 4.14 percent in the quarter. At the same time, return on equity was at 6.38 percent in the quarter.
Debt comes downT
otal debt was at $2,556.94 million as on Dec. 31, 2016, down 18.75 percent or $590.08 million from year-ago. Shareholders equity was at $3,062.92 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 0.83 percent in the quarter. 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
