HAVERTOWN, PA — AMREP Corporation (NYSE: AXR), a prominent landholder and real estate developer in New Mexico, reported its financial results for the second quarter of the 2024 fiscal year, which ended on October 31, 2023. The company saw a significant decrease in net income compared to the same period in the previous year.
For its 2024 fiscal second quarter, AMREP reported a net income of $1,108,000, or $0.21 per diluted share. This figure is down from the net income of $3,621,000, or $0.68 per diluted share, for the same period of the prior year.
Looking at the first six months of 2024, AMREP had a net income of $2,454,000, or $0.46 per diluted share. This is also a decrease compared to net income of $5,533,000, or $1.04 per diluted share, for the same period in 2023.
Revenue figures for the company also showed a decline. Revenues were $8,854,000 for the second quarter and $19,143,000 for the first six months of 2024. These numbers are down from the revenues of $16,149,000 for the second quarter and $26,856,000 for the first six months of 2023.
More detailed information about the company’s financial performance can be found in AMREP Corporation’s financial statements on Form 10-Q, which have been filed with the Securities and Exchange Commission.
Despite the decrease in net income and revenue, AMREP remains a major player in the New Mexico real estate market. The company, through its subsidiaries, is a leading developer of real estate and an award-winning homebuilder in the state. As the company moves forward, investors will be keenly watching how it navigates these financial challenges while maintaining its standing in the real estate sector.
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