Ryman Hospitality Properties, Inc. (RHP) has reported a 23.64 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $48.10 million, or $0.94 a share in the quarter, compared with $38.90 million, or $0.75 a share for the same period last year.
Revenue during the quarter went up marginally by 2.45 percent to $319.78 million from $312.12 million in the previous year period.
Cost of revenue for the quarter was almost stable at $203.60 million, when compared with the previous year period. Gross margin for the quarter expanded 181 basis points over the previous year period to 36.33 percent.
Total expenses were $258.28 million for the quarter, down 6.33 percent or $17.46 million from year-ago period. Operating margin for the quarter expanded 757 basis points over the previous year period to 19.23 percent.
Operating income for the quarter was $61.50 million, compared with $36.39 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $94.67 million compared with $88.30 million in the prior year period. At the same time, adjusted EBITDA margin improved 132 basis points in the quarter to 29.61 percent from 28.29 percent in the last year period.
Occupancy revenue was $110.63 million for the quarter, down 1.55 percent or $1.74 million. Food and beverage revenue during the quarter was almost stable at $114.94 million, when compared with the previous year period. Revenue from other hotel operating activities was $66.54 million for the quarter, up 11.12 percent or $6.66 million from year-ago period.
Other income during the quarter was $27.67 million, up 12.26 percent or $3.02 million from year-ago period.
Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, "Our businesses delivered fourth quarter 2016 results that were in line with our expectations going into the quarter and contributed to another record year for our company from a total revenue, net income, Adjusted EBITDA, and hospitality gross group bookings perspective. Full year 2016 results for these measures exceeded last year’s performance by 5.2 percent, 42.9 percent, 7.7 percent, and 9.9 percent, respectively."
Net receivables were at $200.70 million as on Dec. 31, 2016, down 3.32 percent or $6.89 million from year-ago.
Investments stood at $70.44 million as on Dec. 31, 2016.
Total assets grew 3.19 percent or $74.32 million to $2,405.75 million on Dec. 31, 2016. On the other hand, total liabilities were at $2,037.76 million as on Dec. 31, 2016, up 4.40 percent or $85.88 million from year-ago.
Return on assets moved up 30 basis points to 2.66 percent in the quarter. At the same time, return on equity moved up 282 basis points to 13.07 percent in the quarter.
Debt moves up marginally
Total debt was at $1,502.55 million as on Dec. 31, 2016, up 4.95 percent or $70.84 million from year-ago. Shareholders equity stood at $368 million as on Dec. 31, 2016, down 3.05 percent or $11.56 million from year-ago. As a result, debt to equity ratio went up 31 basis points to 4.08 percent in the quarter.
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