Starwood Property Trust, Inc. (STWD) has reported 283.98 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $102.36 million in the quarter, compared with $26.66 million for the same period last year.
Revenue during the quarter went up marginally by 1.65 percent to $198.72 million from $195.49 million in the previous year period.
Cost of revenue rose 20.32 percent or $7.64 million during the quarter to $45.26 million. Gross margin for the quarter contracted 353 basis points over the previous year period to 77.22 percent.
Total expenses were $164.90 million for the quarter, up 12.70 percent or $18.58 million from year-ago period. Operating margin for the quarter contracted 814 basis points over the previous year period to 17.02 percent.
Operating income for the quarter was $33.82 million, compared with $49.17 million in the previous year period.
"I am pleased with our strong start to 2017. We deployed $1.4 billion of capital, including over $930 million of originations in our floating-rate loan portfolio at expected returns of 12.5%," stated Barry Sternlicht, chairman and chief executive officer of Starwood Property Trust.
Receivables move up marginally
Net receivables were at $6,263.58 million as on Mar. 31, 2017, up 0.64 percent or $39.95 million from year-ago.
Investments stood at $801.21 million as on Mar. 31, 2017, up 16.74 percent or $114.91 million from year-ago.
Total assets declined 25.37 percent or $23,957.57 million to $70,478.74 million on Mar. 31, 2017. On the other hand, total liabilities were at $65,935.39 million as on Mar. 31, 2017, down 27.02 percent or $24,410.06 million from year-ago.
Return on assets moved up 5 basis points to 0.14 percent in the quarter. At the same time, return on equity moved up 160 basis points to 2.25 percent in the quarter.
Debt moves up
Total debt was at $6,483.30 million as on Mar. 31, 2017, up 9.89 percent or $583.36 million from year-ago. Shareholders equity stood at $4,543.36 million as on Mar. 31, 2017, up 11.06 percent or $452.49 million from year-ago. As a result, debt to equity ratio went down 2 basis points to 1.43 percent in the quarter.
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