EAST PROVIDENCE – Capital Properties Inc. and its wholly owned subsidiaries reported a net income of $5.04 million for the first quarter of 2017. This is an 842.80 percent increase year over year. The influx of cash came from a sale of an East Providence petroleum storage facility to Sprague Operating Resources LLC.
The $23 million sale of the property was $1.04 million less than the original listed sale price. The net gain from the sale of the facility was $5.21 million.
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Capital properties also reported that the basic income per common share was $0.76 in the first quarter.
The company reported a cash and cash equivalent holding of $10.84 million, an increase of $7.81 million since the same time last year and that revenues for Capital Properties remained steady at $1.25 million.
Chris Bergenheim is the PBN web editor.
