Meruelo Maddux Properties beats Q4 expectations
Meruelo Maddux Properties, Inc. (Nasdaq:MMPI) shares are increasing after the real estate developer reported fourth-quarter revenue of $6.9 million, which beat Wall Street analysts’ expectations of $5.3 million. During the same period of 2006, Meruelo Maddux’ revenue was $7.4 million. The Los Angeles-based firm’s quarterly loss narrowed to $2.6 million, or $0.03 per share, which was better than analysts’ expectations of a loss of $0.05 per share. A year earlier, Meruelo posted a loss of $6.4 million. During afternoon trading, MMPI shares are up 6.38%, or $0.15, at $2.50.
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