Comment on Consolidated-Tomoka Land Co. reports quarterly profit

Consolidated-Tomoka Land Co. reports quarterly profit

DAYTONA BEACH - Consolidated-Tomoka Land Co. reported a net profit of $224,617 for the quarter that ended June 30, or 4 cents per share of its common stock, down 69 percent from a $722,908 profit, or 13 cents per share, from the same period a year prior.The Daytona Beach-based real estate investment and development company reported late Tuesday a 20.5 percent increase in revenue to $7.6 million, but also a 17 percent increase in operating expenses to $5.4 million and a 265 percent increase in interest expenses to nearly $1.9 million for the April-through-June period.The quarterly results reflect a delay in land sales the company expected to make, said Mark Patten, senior vice president and chief financial officer.

 

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