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Vornado Realty Trust (VNO) has reported 166.60 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $709.55 million in the quarter, compared with $266.15 million for the same period last year. Revenue during the quarter went down marginally by 2.04 percent to $638.26 million from $651.58 million in the previous year period.
Total expenses were $463.16 million for the quarter, up 4.34 percent or $19.28 million from year-ago period. Operating margin for the quarter contracted 444 basis points over the previous year period to 27.43 percent.
Operating income for the quarter was $175.10 million, compared with $207.70 million in the previous year period.
Net receivables were at $94.47 million as on Dec. 31, 2016, down 3.67 percent or $3.59 million from year-ago.
Investments stood at $203.70 million as on Dec. 31, 2016, up 34.91 percent or $52.71 million from year-ago.
Total assets went down marginally by 1.55 percent or $328.45 million to $20,814.85 million on Dec. 31, 2016. On the other hand, total liabilities were at $11,917.90 million as on Dec. 31, 2016, down 4.18 percent or $520.09 million from year-ago.
Return on assets moved up 205 basis points to 3.38 percent in the quarter. At the same time, return on equity moved up 575 basis points to 9.31 percent in the quarter.
Debt comes down marginally
Total debt was at $10,611.68 million as on Dec. 31, 2016, down 4.32 percent or $479.33 million from year-ago. Shareholders equity stood at $7,618.50 million as on Dec. 31, 2016, up 1.90 percent or $142.42 million from year-ago. As a result, debt to equity ratio went down 9 basis points to 1.39 percent in the quarter.
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