Medley Management Inc. (MDLY) has reported 18.82 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $0.62 million, or $0.07 a share in the quarter, compared with $0.53 million, or $0.08 a share for the same period last year. Revenue during the quarter grew 14.22 percent to $18.25 million from $15.98 million in the previous year period. Total expenses were 50.32 percent of quarterly revenues, down from 61.61 percent for the same period last year. This has led to an improvement of 1129 basis points in operating margin to 49.68 percent.
Operating income for the quarter was $9.07 million, compared with $6.13 million in the previous year period.
"The fourth quarter of 2016 was another consistent quarter of earnings for Medley. During the quarter, AUM increased over 6% to $5.3 billion. We continued to diversify our platform and are pleased with the launch of Sierra Total Return Fund which occurred in January," said Brook Taube, chief executive officer of Medley.
Debt moves up marginally
Medley Management Inc. has witnessed an increase in total debt over the last one year. It stood at $101.97 million as on Dec. 31, 2016, up 1.09 percent or $1.10 million from $100.87 million on Dec. 31, 2015. Medley Management Inc. has witnessed an increase in short-term debt over the last one year. Total debt was 83.33 percent of total assets as on Dec. 31, 2016, compared with 83.05 percent on Dec. 31, 2015. Interest coverage ratio improved to 3.44 for the quarter from 2.87 for the same period last year. 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
