Macquarie Infrastructure Corporation (MIC) swung to a net profit for the year ended Dec. 31, 2016. The company has made a net profit of $156.38 million, or $ 1.85 a share in the year, against a net loss of $108.54 million, or $1.39 a share in the last year.
Revenue during the year went up marginally by 0.76 percent to $1,651.73 million from $1,639.25 million in the previous year.
Operating income for the year was $321.14 million, compared with an operating loss of $59.32 million in the previous year.
Adjusted EBITDA for the year stood at $695.59 million.
"The performance of our businesses in the fourth quarter and the full year 2016 resulted in the generation of a better than expected amount of Adjusted Free Cash Flow," said James Hooke, chief executive officer of MIC.
Operating cash flow improves significantly
Macquarie Infrastructure Corporation has generated cash of $560.32 million from operating activities during the year, up 47.01 percent or $179.16 million, when compared with the last year.
The company has spent $376.84 million cash to meet investing activities during the year as against cash outgo of $448.82 million in the last year.
The company has spent $161.31 million cash to carry out financing activities during the year as against cash inflow of $42.90 million in the last year period.
Cash and cash equivalents stood at $44.77 million as on Dec. 31, 2016, up 99.91 percent or $22.37 million from $22.39 million on Dec. 31, 2015.
Debt moves up
Macquarie Infrastructure Corporation has witnessed an increase in total debt over the last one year. It stood at $3,079.98 million as on Dec. 31, 2016, up 10.53 percent or $293.36 million from $2,786.62 million on Dec. 31, 2015. Total debt was 40.74 percent of total assets as on Dec. 31, 2016, compared with 37.77 percent on Dec. 31, 2015. Debt to equity ratio was at 0.98 as on Dec. 31, 2016, up from 0.87 as on Dec. 31, 2015.
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