Newcastle Investment Q3 Profit Drops - Quick Facts

(RTTNews) - Newcastle Investment Corp. (NCT), reported a sharp decline in its third-quarter profit, that reflected lower gains on settlement of investments, and higher property operating expenses.

For the three-month period, net income was $29.2 million or $0.09 per share, compared with $271.8 million or $1.63 per share last year. Gain on settlement of investments for the quarter was $1.3 million, compared with $229.2 million a year ago.

Core earnings decreased to $23.9 million or $0.08 per share, from $29 million or $0.11 per share a year earlier.

Net interest income was $26.9 million, compared with $44.5 million last year. Total other revenues rose to $24.9 million, from prior year's $8.07 million.

Total expenses were $40.9 million,compared with $19.3 million last a year earlier. Newcastle also recorded property operating expenses of $15.8 million, compared with $5.04 million a year ago.