QTS Realty Trust, Inc (QTS) has reported 17.18 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $4.88 million, or $0.10 a share in the quarter, compared with $5.89 million, or $0.14 a share for the same period last year. Revenue during the quarter grew 11.81 percent to $105.96 million from $94.77 million in the previous year period.
Cost of revenue rose 15.06 percent or $5.05 million during the quarter to $38.57 million. Gross margin for the quarter contracted 103 basis points over the previous year period to 63.60 percent.
Total expenses were $95.05 million for the quarter, up 12.44 percent or $10.52 million from year-ago period. Operating margin for the quarter contracted 50 basis points over the previous year period to 10.30 percent.
Operating income for the quarter was $10.92 million, compared with $10.24 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $48.28 million compared with $43.01 million in the prior year period. At the same time, adjusted EBITDA margin improved 18 basis points in the quarter to 45.56 percent from 45.39 percent in the last year period.
Revenue from real estate activities during the quarter increased 18.44 percent or $13.62 million to $87.48 million.
Income from operating leases during the quarter rose 15.62 percent or $10.69 million to $79.12 million. Revenue from tenant reimbursements was $8.36 million for the quarter, up 53.84 percent or $2.93 million from year-ago period.
“Our consistent financial performance continued during the first quarter, setting QTS up for another strong year of growth and returns with enhanced visibility from our significant booked-not-billed backlog,” said Chad Williams, Chairman and Chief executive officer of QTS.
Net receivables were at $42.31 million as on Mar. 31, 2017, up 37.01 percent or $11.43 million from year-ago.
Total assets grew 18.40 percent or $331.17 million to $2,130.58 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,192.30 million as on Mar. 31, 2017, up 9.49 percent or $103.38 million from year-ago.
Return on assets moved down 13 basis points to 0.58 percent in the quarter. At the same time, return on equity moved down 31 basis points to 0.52 percent in the quarter.
Debt moves up
Total debt was at $1,031.99 million as on Mar. 31, 2017, up 9.21 percent or $87.03 million from year-ago. Shareholders equity stood at $938.28 million as on Mar. 31, 2017, up 32.06 percent or $227.80 million from year-ago. As a result, debt to equity ratio went down 23 basis points to 1.10 percent in the quarter.
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