Prologis, Inc. (PLD) has reported 2.29 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $204.93 million, or $0.38 a share in the quarter, compared with $209.73 million, or $0.39 a share for the same period last year. Revenue during the quarter grew 3.77 percent to $629.16 million from $606.30 million in the previous year period.
Cost of revenue rose 4.14 percent or $6.08 million during the quarter to $152.66 million. Gross margin for the quarter contracted 9 basis points over the previous year period to 75.74 percent.
Total expenses were $467.27 million for the quarter, down 2.06 percent or $9.83 million from year-ago period. Operating margin for the quarter expanded 442 basis points over the previous year period to 25.73 percent.
Operating income for the quarter was $161.89 million, compared with $129.20 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $512 million compared with $549 million in the prior year period. At the same time, adjusted EBITDA margin contracted 917 basis points in the quarter to 81.38 percent from 90.55 percent in the last year period.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $1.70 to $1.80.
Revenue from real estate activities during the quarter increased 3.77 percent or $22.86 million to $629.16 million.
Income from operating leases during the quarter went up marginally by 2.31 percent or $12.82 million to $566.93 million.
Income from management fees during the quarter increased 11.85 percent or $6.04 million to $57.04 million. Revenue from other real estate activities during the quarter was $5.18 million, up 338.36 percent or $4 million from year-ago period.
"We started the year with excellent momentum as housing, construction and e-commerce drove demand for our facilities, leading to the ninth consecutive quarter of double-digit rent change on rollovers," said Hamid R. Moghadam, chairman and chief executive officer, Prologis. "While the national vacancy rate ticked down slightly and fundamentals in our U.S. markets are solid, speculative construction activity increased in several markets in the quarter. Europe continues to emerge as a bright spot for us and market conditions are strengthening, even ahead of our expectations. Our strategy to own top-quality buildings close to the end consumer has never been more important."
Receivables remain almost stableNet receivables stood at $17.01 million as on Mar. 31, 2017. Total assets stood at $29,814.96 million as on Mar. 31, 2017. On the other hand, total liabilities were at $12,146.54 million as on Mar. 31, 2017.
Return on assets was at 0.98 percent in the quarter. At the same time, return on equity was at 1.15 percent in the quarter.
Total debt was at $10,966.93 million as on Mar. 31, 2017. Shareholders equity was at $17,668.42 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 0.62 percent in the quarter.
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