Umh Properties (UMH) has reported 205.56 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $3.20 million in the quarter, compared with $1.05 million for the same period last year.
Revenue during the quarter grew 16.87 percent to $25.36 million from $21.69 million in the previous year period.
Cost of revenue dropped 13.70 percent or $0.29 million during the quarter to $1.80 million. Gross margin for the quarter expanded 252 basis points over the previous year period to 92.89 percent.
Total expenses were $21.57 million for the quarter, up 13.72 percent or $2.60 million from year-ago period. Operating margin for the quarter expanded 236 basis points over the previous year period to 14.94 percent.
Operating income for the quarter was $3.79 million, compared with $2.73 million in the previous year period.
Revenue from real estate activities during the quarter increased 16.87 percent or $3.66 million to $25.36 million.
Income from operating leases during the quarter rose 21.79 percent or $4.13 million to $23.10 million.
Revenue from other real estate activities during the quarter was $2.25 million, down 17.35 percent or $0.47 million from year-ago period.
Operating cash flow improves significantlyUmh Properties has generated cash of $21.40 million from operating activities during the nine month period, up 52.79 percent or $7.39 million, when compared with the last year period. The company has spent $59.96 million cash to meet investing activities during the nine month period as against cash outgo of $86.93 million in the last year period.
Cash flow from financing activities was $35.73 million for the nine month period, down 50.88 percent or $37.01 million, when compared with the last year period.
Cash and cash equivalents stood at $3.71 million as on Sep. 30, 2016, down 53.04 percent or $4.19 million from $7.90 million on Sep. 30, 2015.
Real estate inventory stood at $16.34 million as on Sep. 30, 2016. Net receivables were at $20.92 million as on Sep. 30, 2016, up 3.91 percent or $0.79 million from year-ago. Accounts payable surged 39.16 percent or $1.07 million to $3.79 million on Sep. 30, 2016.
Investments stood at $111.05 million as on Sep. 30, 2016, up 80.75 percent or $49.61 million from year-ago.
Total assets grew 21.39 percent or $117.90 million to $669.04 million on Sep. 30, 2016. On the other hand, total liabilities were at $355.13 million as on Sep. 30, 2016, up 2.48 percent or $8.61 million from year-ago.
Return on assets moved up 23 basis points to 1.04 percent in the quarter. Return on equity for the quarter stood at negative 0.19 percent as compared to a negative 0.41 percent for the previous year period.
Debt moves up marginallyTotal debt was at $341.60 million as on Sep. 30, 2016, up 1.93 percent or $6.48 million from year-ago. Shareholders equity stood at $313.91 million as on Sep. 30, 2016, up 53.41 percent or $109.30 million from year-ago. As a result, debt to equity ratio went down 55 basis points to 1.09 percent in the quarter.
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