Monogram Residential Trust, Inc. (MORE) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $75.98 million, or $ 0.45 a share in the quarter, against a net loss of $8.30 million, or $0.05 a share in the last year period.
Revenue during the quarter grew 11.89 percent to $73.34 million from $65.55 million in the previous year period.
Cost of revenue rose 5.69 percent or $1.67 million during the quarter to $31.10 million. Gross margin for the quarter expanded 249 basis points over the previous year period to 57.59 percent.
Monogram Residential Trust expects revenue to grow in the range of 1.25 percent to 2.75 percent for the financial year 2017.
Revenue from real estate activities during the quarter increased 11.89 percent or $7.79 million to $73.34 million.
"We are pleased with our first quarter results, including net income of $76.0 million as well as a 12.2% increase in total proportionate portfolio NOI over the prior year quarter. Our results reflect the continued execution of our development program, which we believe will continue to contribute meaningful value to our high quality portfolio. As we head into the peak summer leasing season, we expect that our leasing velocity will accelerate, resulting in occupancy gains, despite significant new supply in our core coastal markets given the ongoing strength of rental demand," stated Mark T. Alfieri, Chief Executive Officer of Monogram.
Accounts payable declined 23.79 percent or $7.22 million to $23.15 million on Mar. 31, 2017.
Total assets went down marginally by 1.90 percent or $61.44 million to $3,178.99 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,548.48 million as on Mar. 31, 2017, down 3.87 percent or $62.34 million from year-ago.
Return on assets was at 2.33 percent in the quarter against a negative 0.34 percent in the last year period. Return on equity was at 4.74 percent in the quarter against a negative 0.52 percent in the last year period.
Debt comes down marginally
Total debt was at $1,459.06 million as on Mar. 31, 2017, down 3.93 percent or $59.63 million from year-ago. Shareholders equity was almost stable over the past one year at $1,601.43 million on Mar. 31, 2017. As a result, debt to equity ratio went down 4 basis points to 0.91 percent in the quarter.
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