Capital Properties reports drop in profit, flat revenue in 3Q

CAPITAL PROPERTIES said Tuesday that revenue was basically flat at $2.134 million in the quarter that ended Sept. 30, compared with revenue of $2.132 million in the same year-ago quarter.  / PILLSBURY ASSOCIATES AERIAL PHOTOGRAPHY/DON PILLSBURY
CAPITAL PROPERTIES said Tuesday that revenue was basically flat at $2.134 million in the quarter that ended Sept. 30, compared with revenue of $2.132 million in the same year-ago quarter. / PILLSBURY ASSOCIATES AERIAL PHOTOGRAPHY/DON PILLSBURY

EAST PROVIDENCE – Net income fell 8.2 percent to $529,000, or 8 cents per share, in the third quarter for Capital Properties Inc.
Capital Properties said Tuesday that revenue was basically flat at $2.134 million in the three months that ended Sept. 30, compared with revenue of $2.132 million in the same year-ago quarter.
Leasing revenue fell $7,000 over the year to $1.2 million, due to the end of a lease at Steeple Street, which was offset partially by scheduled increases in rentals under long-term land leases. Leasing expense also decreased $14,000 to $193,000 from 2015 due to less repair and maintenance at the Steeple Street building and a drop in insurance premiums, offset in part by rising Providence real estate taxes.
Revenue from the petroleum storage facility grew $9,000 to $892,000, due to a scheduled cost-of-living adjustment under the agreement with Portsmouth, N.H.-based Sprague Operating Resources LLC, the petroleum storage facility tenant, the company said. Expenses for the facility rose $87,000 over the year to $648,000 due to increases in repairs and maintenance expenses, as well as legal fees in connection with the consideration of “strategic alternatives” for the terminal.
The company was notified in April that Sprague will terminate its agreement effective April 30.

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