Manhattan Bridge Capital, Inc. (LOAN) has reported a 13.78 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $0.79 million, or $0.10 a share in the quarter, compared with $0.70 million, or $0.10 a share for the same period last year.
Revenue during the quarter grew 20.37 percent to $1.33 million from $1.10 million in the previous year period.
Total expenses were $0.54 million for the quarter, up 31.73 percent or $0.13 million from year-ago period. Operating margin for the quarter contracted 349 basis points over the previous year period to 59.50 percent.
Operating income for the quarter was $0.79 million, compared with $0.70 million in the previous year period.
Other income during the quarter was $1.33 million, up 20.37 percent or $0.23 million from year-ago period.
Assaf Ran, chairman of the Board and chief executive officer, stated, "As we present another quarter of record high revenue and net earnings, the Company once again demonstrates strength, stability and, most importantly, responsibility. The numbers speak for themselves. As a chief executive officer with unprecedented personal commitment and a major shareholder of the Company, I am proud of our achievements to date, and am determined to achieve continued success," added Mr. Ran.
Operating cash flow improves
Manhattan Bridge Capital, Inc. has generated cash of $0.75 million from operating activities during the quarter, up 6.14 percent or $0.04 million, when compared with the last year period.
The company has spent $0.45 million cash to meet investing activities during the quarter as against cash inflow of $1.89 million in the last year period.
The company has spent $0.28 million cash to carry out financing activities during the quarter as against cash outgo of $2.65 million in the last year period.
Cash and cash equivalents stood at $0.12 million as on Mar. 31, 2017, up 96.90 percent or $0.06 million from $0.06 million on Mar. 31, 2016.
Receivables remain almost stable
Net receivables stood at $35.59 million as on Mar. 31, 2017.
Investments stood at $0.04 million as on Mar. 31, 2017.
Total assets grew 18.88 percent or $5.73 million to $36.06 million on Mar. 31, 2017. On the other hand, total liabilities were at $12.95 million as on Mar. 31, 2017.
Return on assets moved down 10 basis points to 2.19 percent in the quarter. At the same time, return on equity moved down 35 basis points to 3.42 percent in the quarter.
Total debt was at $12.54 million as on Mar. 31, 2017. Shareholders equity stood at $23.11 million as on Mar. 31, 2017, up 25.31 percent or $4.67 million from year-ago. Meanwhile, debt to equity ratio was at 0.54 percent in the quarter.
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