One Liberty Properties, Inc. (OLP) has reported 15.33 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $4.40 million, or $0.24 a share in the quarter, compared with $5.19 million, or $0.31 a share for the same period last year. On an adjusted basis, earnings per share were at $0.53 for the quarter compared with $0.50 in the same period last year. Revenue during the quarter went up marginally by 2.68 percent to $18.99 million from $18.50 million in the previous year period.
Cost of revenue rose 19.01 percent or $0.39 million during the quarter to $2.41 million. Gross margin for the quarter contracted 174 basis points over the previous year period to 87.31 percent.
Total expenses were $10.13 million for the quarter, up 13.80 percent or $1.23 million from year-ago period. Operating margin for the quarter contracted 521 basis points over the previous year period to 46.67 percent.
Operating income for the quarter was $8.86 million, compared with $9.60 million in the previous year period.
Revenue from real estate activities during the quarter went up marginally by 2.68 percent or $0.49 million to $18.99 million.
Income from operating leases during the quarter rose 15.97 percent or $2.37 million to $17.18 million. Revenue from tenant reimbursements was $1.81 million for the quarter, up 25.26 percent or $0.36 million from year-ago period.
Patrick J. Callan, Jr., president and chief executive officer of One Liberty stated, "Our results reflect accretive acquisitions of $118.6 million and a $10.0 million net gain on sale from our targeted sales program. By effectively executing on our strategy with the objective of enhancing portfolio quality as well as providing long-term FFO per share growth, we are strengthening the Companys foundation. We are producing strong growth in rental income and believe the execution of our strategy will continue to build value for our stockholders."
Real estate investments stood at $10.83 million as on Dec. 31, 2016, down 4.56 percent or $0.52 million from year-ago.
Total assets grew 12.77 percent or $83.07 million to $733.44 million on Dec. 31, 2016. On the other hand, total liabilities were at $441.52 million as on Dec. 31, 2016, up 13.81 percent or $53.57 million from year-ago.
Return on assets moved down 23 basis points to 1.24 percent in the quarter. At the same time, return on equity moved down 47 basis points to 1.51 percent in the quarter.
Debt moves up
Total debt was at $403.96 million as on Dec. 31, 2016, up 15.82 percent or $55.16 million from year-ago. Shareholders equity stood at $291.93 million as on Dec. 31, 2016, up 11.24 percent or $29.50 million from year-ago. As a result, debt to equity ratio went up 5 basis points to 1.38 percent in the quarter. 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
