Tue, Jul 23, 8:32 PM (46 days ago)
AMREP Corporation, primarily involved in land development and homebuilding, reported a net income of $6,690,000 for the fiscal year ended April 30, 2024, a significant decrease from $21,790,000 in 2023. The decline in net income is attributed to the absence of a non-cash income tax benefit of $16,071,000 recognized in 2023. Revenue for 2024 increased by 6% to $51,369,000, driven by higher home sales and other revenues, despite a 13% decrease in land sale revenues. Operating expenses rose by 21% due to increased property taxes and commissions. The company reduced its active land development projects and faced delays due to municipal approvals and higher mortgage rates, impacting future outlook. The company's liquidity remains strong with $30,241,000 in cash and equivalents.