NorthStar Asset Management Group Inc. (NSAM) has reported a 39.66 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $24.84 million, or $0.13 a share in the quarter, compared with $41.17 million, or $0.21 a share for the same period last year.
Revenue during the quarter dropped 11.67 percent to $95.50 million from $108.12 million in the previous year period.
Total expenses were $62.26 million for the quarter, down 11.30 percent or $7.93 million from year-ago period. Operating margin for the quarter contracted 27 basis points over the previous year period to 34.81 percent.
Operating income for the quarter was $33.24 million, compared with $37.92 million in the previous year period.
Other income during the quarter was $1.67 million, up 9,717.65 percent or $1.65 million from year-ago period.
Al Tylis, chief executive officer, added, “The tri-party merger provides clarity for our investors and partners on NSAM’s strategic direction. We expect this clarity to meaningfully impact our retail capital raising in the coming quarters and allow for Colony NorthStar to realize its full potential.”
Receivables move up
Net receivables were at $109.75 million as on Sep. 30, 2016, up 22.06 percent or $19.84 million from year-ago.
Investments stood at $38.44 million as on Sep. 30, 2016.
Total assets jumped 143.88 percent or $499.30 million to $846.33 million on Sep. 30, 2016. On the other hand, total liabilities were at $559.83 million as on Sep. 30, 2016, up 624.08 percent or $482.52 million from year-ago.
Return on assets moved down 810 basis points to 3.88 percent in the quarter. At the same time, return on equity moved down 351 basis points to 11.75 percent in the quarter.
Total debt was at $468.68 million as on Sep. 30, 2016. Shareholders equity stood at $211.35 million as on Sep. 30, 2016, down 21.64 percent or $58.36 million from year-ago. Meanwhile, debt to equity ratio was at 2.22 percent in the quarter.
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