W. P. Carey Inc (WPC) has reported 6.55 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $47.70 million, or $0.44 a share in the quarter, compared with $51.05 million, or $0.48 a share for the same period last year.
Revenue during the quarter dropped 13.75 percent to $228.78 million from $265.25 million in the previous year period.
Cost of revenue dropped 20.08 percent or $6.60 million during the quarter to $26.26 million. Gross margin for the quarter expanded 91 basis points over the previous year period to 88.52 percent.
Total expenses were $144.56 million for the quarter, down 4.20 percent or $6.34 million from year-ago period. Operating margin for the quarter contracted 630 basis points over the previous year period to 36.81 percent.
Operating income for the quarter was $84.22 million, compared with $114.35 million in the previous year period.
"Since the start of 2016, we have accomplished several important objectives: transitioning toward higher-quality revenue streams, implementing sustainable expense reductions, enhancing the quality of our real estate portfolio, and continuing to strengthen and add flexibility to our balance sheet," said Mark J. DeCesaris, chief executive officer of W. P. Carey. "Furthermore, I am pleased to report that we increased AFFO per diluted share to $5.12 for 2016 and expect to generate between $5.10 and $5.30 for 2017.
Net receivables were at $299.61 million as on Dec. 31, 2016, up 381.55 percent or $237.39 million from year-ago.
Total assets declined 3.43 percent or $300.72 million to $8,453.95 million on Dec. 31, 2016. On the other hand, total liabilities were at $5,027.85 million as on Dec. 31, 2016, down 2.91 percent or $150.45 million from year-ago.
Return on assets moved down 11 basis points to 1.05 percent in the quarter. At the same time, return on equity moved down 4 basis points to 1.39 percent in the quarter.
Debt remains almost stableTotal debt was at $4,440.81 million as on Dec. 31, 2016, down 0.88 percent or $39.39 million from year-ago. Shareholders equity stood at $3,425.14 million as on Dec. 31, 2016, down 3.83 percent or $136.29 million from year-ago. As a result, debt to equity ratio went up 4 basis points to 1.30 percent in the quarter.
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