Resource Capital Corp. (RSO) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $3.54 million, or $ 0.31 a share in the quarter, against a net profit of $7.06 million, or $0.03 a share in the last year period.
Revenue during the quarter dropped 10.27 percent to $18.37 million from $20.47 million in the previous year period.
Gross margin for the quarter expanded 19 basis points over the previous year period to 99.98 percent.
Total expenses were $18.16 million for the quarter, up 34.48 percent or $4.66 million from year-ago period.
Operating margin for the quarter contracted 3288 basis points over the previous year period to 1.17 percent.
Operating income for the quarter was $0.22 million, compared with $6.97 million in the previous year period.
Net receivables were at $25.68 million as on Dec. 31, 2016, down 12.74 percent or $3.75 million from year-ago.
Investments stood at $130.11 million as on Dec. 31, 2016, down 44.49 percent or $104.26 million from year-ago.
Total assets declined 25.61 percent or $706.89 million to $2,053.54 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,350.45 million as on Dec. 31, 2016, down 30.16 percent or $583.22 million from year-ago.
Return on assets moved down 18 basis points to 0.16 percent in the quarter. Return on equity was negative at 1.35 percent in the quarter against a positive 0.11 percent in the last year period.
Debt comes down significantly
Total debt was at $1,191.46 million as on Dec. 31, 2016, down 26.53 percent or $430.26 million from year-ago. Shareholders equity stood at $703.09 million as on Dec. 31, 2016, down 14.96 percent or $123.67 million from year-ago. As a result, debt to equity ratio went down 27 basis points to 1.69 percent in the quarter.
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