Manhattan Bridge Capital, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 20, 2023 at 04:31 pm EDT
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Manhattan Bridge Capital, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 2.4 million compared to USD 2.12 million a year ago. Net income was USD 1.42 million compared to USD 1.36 million a year ago. Basic earnings per share from continuing operations was USD 0.12 compared to USD 0.12 a year ago. Diluted earnings per share from continuing operations was USD 0.12 compared to USD 0.12 a year ago.
For the six months, revenue was USD 4.8 million compared to USD 4.23 million a year ago. Net income was USD 2.68 million compared to USD 2.78 million a year ago. Basic earnings per share from continuing operations was USD 0.23 compared to USD 0.24 a year ago. Diluted earnings per share from continuing operations was USD 0.23 compared to USD 0.24 a year ago.
Manhattan Bridge Capital, Inc. is a real estate finance company, which is focused on originating, servicing, and managing a portfolio of first mortgage loans. It offers short-term, secured, and non-banking loans initial term expires, to real estate investors to fund their acquisition, renovation, rehabilitation, or improvement of properties located in the New York metropolitan area, including New Jersey, Connecticut, and others. Its real estate lending activities involve originating, funding, servicing, and managing short-term loans, which is loans with an initial term of not more than one year; secured by first mortgage liens on real estate property located in the New York metropolitan area. Borrowers use the proceeds from its loans for one of three purposes: to acquire and renovate existing residential, including single, two or three-family, real estate properties; to acquire vacant land and construct residential real properties; and to purchase and hold income-producing properties.