The Brisbane Markets Limited Board has finalised the financial results of the company for the year ended 30 June 2018. The company is very pleased with the recorded net profit after tax of $13.02 million.
This result reflects the ongoing solid performance of the underlying Brisbane Markets operations as well as another positive contribution from the Investment in Perth Markets Limited, including a positive property revaluation of $5.41 million, before tax.
Overall, the company achieved strong growth in the underlying net profit to $14.99 million (before tax), representing growth of 3.6 % in underlying operating profit when compared to the prior year. This reflects the operating result, net of the impact of property revaluations.
The financial performance of the company is summarised below:
| Brisbane Markets Limited Financial Results Summary – 2018 | ||||
| 2018 | 2017 | Change | ||
| $ million | $ million | |||
| Brisbane Markets Operating Result | 13.58 | 13.32 | ||
| Perth Markets operating performance proportion | 1.41 | 1.15 | ||
| Underlying Net Profit before Tax | 14.99 | 14.47 | up 3.6% | |
| Perth Markets Property Revaluation proportion | 5.41 | 8.33 | ||
| Brisbane Markets Investment Property Increase/(Decrease) | (1.79) | 21.42 | ||
| Reported Net Profit before Tax | 18.61 | 44.22 | ||
| Income Tax Expense | 5.59 | 13.27 | ||
| Reported Net Profit after Tax | 13.02 | 30.95 | ||
| Net Assets at Balance Date | 155.5 | 148.4 | ||
| Total Assets at Balance Date | 361.8 | 330.7 | ||
| Net Tangible Assets per share at 30 June 2018 | $3.64 | $3.48 | ||
The group has continued to improve its balance sheet, with total asset growth of 9.4% and net asset growth of 4.8%. As highlighted in the table above, at year end total assets stood at $361.8 million with net assets of $155.5 million. The group’s financial performance will be further elaborated upon in the company’s Annual Report, which will be distributed to all shareholders during October 2018, and at the Annual General Meeting, set down for Wednesday, 14 November, 2018 at 9.00 am.
PAYMENT OF DIVIDEND
The Board of Directors is also pleased to advise shareholders that with the ongoing strength of the Group’s operating result, they have declared a final dividend for the year of 8.25 cents per fully paid share, fully franked.
The total dividend paid in respect of the 2018 financial year will therefore be 16.25 cents per fully paid share, fully franked. This has maintained the dividend at the same level as the prior year, noting that the prior year included a special dividend of 0.25 cents.
The final dividend of 8.25 cents per fully paid share fully franked, will be paid on Friday, 19 October 2018.
This will paid to shareholders on the share register of the company at 5pm on Thursday, 4 October 2018.
The holders of partly paid shares will be paid a pro-rata dividend amount of 4.125 cents per share, fully franked.
SHARE TRADING
In the six-month period from 1 January 2018 to 30 June 2018 were five (5) share transactions with the share trading price ranging from $3.65 – $3.80 per share. As previously announced, a significant parcel of shares was transferred during July 2018 at a price of $3.20, after the company announced the share price applicable to the capital raising.
After the Company lodged its Prospectus on 19 July 2018, there were two further share transactions totalling 49,750 shares at $3.20 per share.
Any shareholder wishing to sell shares can do so by private treaty where they have identified a buyer, or can be put in touch with interested buyers by contacting Brisbane Markets Limited via email at shares@brisbanemarkets.com.au or phone (07) 3915 4200.
Andrew Young
Chief Executive Officer
| Note: | Under the Accounting Standards, BML is required to conduct both an annual and half yearly review of the value of the investment property with increases/decreases being taken up directly through the Statement of Comprehensive Statement. There is no depreciation expense on investment property. |