Resource Capital Corp (RSO) has reported 44.57 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $8.71 million, or $0.09 a share in the quarter, compared with $15.72 million, or $0.31 a share for the same period last year. On an adjusted basis, net profit for the quarter was $2.70 million, when compared with $9.68 million in the last year period. Revenue during the quarter dropped 15.09 percent to $12.14 million from $14.30 million in the previous year period.
Cost of revenue surged 61.15 percent or $0.30 million during the quarter to $0.79 million. Gross margin for the quarter contracted 307 basis points over the previous year period to 93.51 percent.
Total expenses were almost stable at $8.58 million, when compared with the previous year period. Operating margin for the quarter contracted 1043 basis points over the previous year period to 29.39 percent.
Operating income for the quarter was $3.57 million, compared with $5.70 million in the previous year period.
Net receivables were at $20.04 million as on Mar. 31, 2017, up 85.75 percent or $9.25 million from year-ago.
Investments stood at $118.89 million as on Mar. 31, 2017, down 61.59 percent or $190.63 million from year-ago.
Total assets declined 17.74 percent or $430.50 million to $1,995.82 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,290.78 million as on Mar. 31, 2017, down 21.23 percent or $347.87 million from year-ago.
Return on assets moved down 56 basis points to 0.46 percent in the quarter. At the same time, return on equity moved down 85 basis points to 0.38 percent in the quarter.
Debt comes down significantly
Total debt was at $1,177.20 million as on Mar. 31, 2017, down 26.52 percent or $424.83 million from year-ago. Shareholders equity stood at $705.04 million as on Mar. 31, 2017, down 10.49 percent or $82.59 million from year-ago. As a result, debt to equity ratio went down 36 basis points to 1.67 percent in the quarter.
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