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Optibase Ltd (NASDAQ:OBAS) Reported (-$1.6) Million Net Loss

BITCOIN SERVICES I COM USD0.001 (OTCMKTS:BTSC)

Optibase Ltd (NASDAQ:OBAS)

Optibase Ltd (NASDAQ:OBAS) has announced its financial results for the fourth quarter of 2016 financial year. In a statement, Optibase Chief Executive Officer Amir Philips said the results from the quarter reflect the company’s operations in the recent periods especially with regards to operating income and fixed income real estate rent. Philips noted that the company reported a significant rise in net and equity share in income as well as financial expenses.

He added that the company reported an increase in loans and corporate bonds during plus over 300 River Holdings, LLC investment. For the full year ended December 31, 2016, Optibase Ltd (NASDAQ:OBAS) reported a net operating income of $13.2 million, which represents a 7% increase from what was reported for the year ended December 31, 2015. The increase in net operating income is attributed to the contribution of the company’ supermarket portfolio in Bavaria, Germany. The company completed the purchase in Q2 and Q3 of 2015. The increase is also as a result of a decrease in costs related to acquisition which the company incurred in relation to the acquisition in Bavaria, Germany.

Optibase Ltd (NASDAQ:OBAS) reported a stable net operating income of $3.2 million in the fourth quarter ended December 31, 2016. The company’s income from operation dropped to $698,000 compared to the same period ended December 31, 2015. The drop in income from operations is attributed to losses in the company’s equity share related to investment in 300 River Holdings, LLC.

Optibase Ltd (NASDAQ:OBAS) reported $4 million in revenue generated from its investments in fixed income real estate in quarter ended December 31, 2016. This is compared to the $4.1 million in revenue that the company generated from its investments in fixed income real estate in the quarter ended December 31, 2015.

Net loss from Optibase Ltd (NASDAQ:OBAS)’s shareholders for Q4 of 2016 amounted to -$1.6 million or -$0.02 per share. This is compared to a net loss of -$114,000 or -$0.02 per share reported in the quarter ended December 31, 2015.

The company reported $16.3 million in revenue for the whole year ended December 31, 2016 compared to the $15.3 million that was reported in the previous financial year. Net income generated from shareholders totaled to $195,000 or $0.04 per share in the year ended December 31, 2016. This is compared to a net loss of -$1.1 million or -$0.21 per share that was reported in the year ended December 31, 2015.

At the close of the year, Optibase Ltd (NASDAQ:OBAS) had $16 million in cash and cash equivalents plus $74.1 million in shareholders’ equity.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

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Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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