Capital Properties profits rise in 3Q

CAPITAL PROPERTIES INC. reported year-over-year increases in both sales and profits for the three months ended Sept. 30, as well as an increase in net income for the first nine months of 2012.
Posted 11/7/12

EAST PROVIDENCE – Capital Properties Inc. reported a 2.7 percent rise in profit to $514,000, or 7 cents per share, during the 2012 third quarter compared with earnings of $139,000, or 2 cents per share, during the same 2011 period.

The company’s revenue rose 4 percent from $1.97 million to $2.05 million during its third quarter.

For the nine months ended Sept. 30, Capital Properties saw a 25 percent increase in net income to $1.6 million, or 24 cents per share, compared with $1.3 million, or 19 cents per share, reported during the nine months ended Sept. 30, 2011.

During the first three quarters of the year, the company’s revenue dropped 2.1 percent to $6.1 million from the $6.2 million reported during the same period in 2011.

During the third quarter, leasing revenue increased $53,000 from the same 2011 period primarily due to scheduled increases in rentals under long-term land leases as well as increases in rentals and reimbursements for common-area costs under short-term leases.

Excluding costs related to a pipeline breach in August 2011, Capital Properties saw facility expenses increase $59,000 on the year.

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