Macquarie Infrastructure Corporation (MIC) has reported a 295.06 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $42.03 million, or $0.51 a share in the quarter, compared with $10.64 million, or $0.13 a share for the same period last year.
Revenue during the quarter went up marginally by 1.16 percent to $420.52 million from $415.71 million in the previous year period. Gross margin for the quarter expanded 169 basis points over the previous year period to 58.54 percent. Total expenses were 82.01 percent of quarterly revenues, down from 82.33 percent for the same period last year. This has led to an improvement of 32 basis points in operating margin to 17.99 percent.
Operating income for the quarter was $75.66 million, compared with $73.45 million in the previous year period.
“Our businesses delivered financial and operating performance in the third quarter that was consistent with our expectations and guidance for the full year,” said James Hooke, chief executive officer of MIC. “Atlantic Aviation benefitted from a continued increase in flight activity and the facilities comprising our renewables portfolio experienced a return to more normal wind and solar resource levels.”
Operating cash flow improves significantly
Macquarie Infrastructure Corporation has generated cash of $436.99 million from operating activities during the nine month period, up 71.42 percent or $182.07 million, when compared with the last year period.
The company has spent $226.28 million cash to meet investing activities during the nine month period as against cash outgo of $322.36 million in the last year period.
The company has spent $205.22 million cash to carry out financing activities during the nine month period as against cash inflow of $130.45 million in the last year period.
Cash and cash equivalents stood at $28.38 million as on Sep. 30, 2016, down 74.28 percent or $81.96 million from $110.34 million on Sep. 30, 2015.
Working capital turns negative
Working capital of Macquarie Infrastructure Corporation has turned negative to $21.77 million on Sep. 30, 2016 from positive $31.42 million on Sep. 30, 2015. Current ratio was at 0.91 as on Sep. 30, 2016, down from 1.10 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 2 days for the quarter from 13 days for the last year period. Days sales outstanding went up to 26 days for the quarter compared with 25 days for the same period last year.
Days inventory outstanding has decreased to 8 days for the quarter compared with 16 days for the previous year period. At the same time, days payable outstanding went up to 33 days for the quarter from 28 for the same period last year.
Debt moves up marginally
Macquarie Infrastructure Corporation has witnessed an increase in total debt over the last one year. It stood at $2,870.93 million as on Sep. 30, 2016, up 1.58 percent or $44.62 million from $2,826.31 million on Sep. 30, 2015. Total debt was 39.11 percent of total assets as on Sep. 30, 2016, compared with 38.23 percent on Sep. 30, 2015. Debt to equity ratio was at 0.92 as on Sep. 30, 2016, up from 0.87 as on Sep. 30, 2015. Interest coverage ratio improved to 3.63 for the quarter from 1.34 for the same period last year.
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