Manhattan Bridge Capital nine-month net income falls 8% to $3.67 million; revenue drops 8% to $6.17 million
LOAN•Manhattan Bridge Capital reported nine-month net income of $3.67 million and revenue of $6.17 million, both down 8%. Third-quarter net income rose to $1.24 million and revenue increased to $2.05 million; the company expanded its share repurchase authorization to 250,000 shares through October 8, 2027.
1. Nine-month results
Manhattan Bridge Capital’s nine-month revenue fell 8% to $6.17 million, which the company attributed to lower interest rates and origination fees charged to borrowers. Nine-month net income declined 8% to $3.67 million. In the third quarter, net income rose to $1.24 million and revenue increased to $2.05 million.
2. Repurchase authorization
The company increased its share repurchase authorization to 250,000 shares and extended the program through October 8, 2027.
