Taubman Centers, Inc. (TCO) has reported 31.68 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $25.07 million in the quarter, compared with $36.70 million for the same period last year.
Revenue during the quarter grew 5.74 percent to $148.02 million from $139.98 million in the previous year period.
Cost of revenue rose 3.95 percent or $1.53 million during the quarter to $40.32 million. Gross margin for the quarter expanded 47 basis points over the previous year period to 72.76 percent.
Total expenses were $133.26 million for the quarter, up 28.83 percent or $29.82 million from year-ago period. Operating margin for the quarter contracted 1613 basis points over the previous year period to 9.97 percent.
Revenue from real estate activities during the quarter increased 6.11 percent or $8.13 million to $141.22 million.
Income from operating leases during the quarter rose 6.24 percent or $5.15 million to $87.67 million. Revenue from tenant reimbursements was $52.15 million for the quarter, up 10.48 percent or $4.94 million from year-ago period.
Revenue from other real estate activities during the quarter was $1.40 million, down 58.45 percent or $1.97 million from year-ago period.
Other income during the quarter was $6.80 million, down 1.29 percent or $0.09 million from year-ago period.
"We had another solid quarter with improvements across nearly all of our key metrics," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "Adjusted FFO per share increased 9.3 percent during the quarter driven by higher rents and contributions from our newest centers. We're pleased with the success of our recently opened centers and are confident that these properties will continue to differentiate our business and generate significant value for shareholders."
Receivables remain almost stable
Net receivables stood at $54.44 million as on Sep. 30, 2016.
Total assets stood at $4,011.16million as on Sep. 30, 2016. On the other hand, total liabilities were at $4,055.92 million as on Sep. 30, 2016.
Return on assets was at 0.85 percent in the quarter.
Total debt was at $3,203.70 million as on Sep. 30, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
