UDR (UDR) has reported a 46.50 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $237.62 million, or $0.88 a share in the quarter, compared with $162.20 million, or $0.61 a share for the same period last year.
Revenue during the quarter went up marginally by 2.27 percent to $243.01 million from $237.60 million in the previous year period.
Cost of revenue went up marginally by 1.21 percent or $0.90 million during the quarter to $75.40 million. Gross margin for the quarter expanded 33 basis points over the previous year period to 68.97 percent.
Total expenses were $193.92 million for the quarter, down 4.37 percent or $8.87 million from year-ago period. Operating margin for the quarter expanded 555 basis points over the previous year period to 20.20 percent.
Operating income for the quarter was $49.09 million, compared with $34.82 million in the previous year period.
Revenue from real estate activities during the quarter went up marginally by 2.44 percent or $5.73 million to $240.08 million.
Income from operating leases during the quarter went up marginally by 2.44 percent or $5.73 million to $240.08 million.
Other income during the quarter was $2.93 million, down 10.02 percent or $0.33 million from year-ago period.
Receivables move up
Net receivables were at $19.79 million as on Dec. 31, 2016, up 18.55 percent or $3.10 million from year-ago.
Total assets were almost stable over the past one year at $7,679.58 million on Dec. 31, 2016. On the other hand, total liabilities were at $3,673.13 million as on Dec. 31, 2016, down 3.76 percent or $143.66 million from year-ago.
Return on assets moved down 88 basis points to 0.77 percent in the quarter. At the same time, return on equity moved up 208 basis points to 7.64 percent in the quarter.
Debt comes down marginally
Total debt was at $3,401.48 million as on Dec. 31, 2016, down 4.74 percent or $169.32 million from year-ago. Shareholders equity stood at $3,096.97 million as on Dec. 31, 2016, up 6.77 percent or $196.36 million from year-ago. As a result, debt to equity ratio went down 13 basis points to 1.10 percent in the quarter.
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