The Brisbane Markets Limited Board has finalised the financial results of the company for the year ended 30 June 2016. The company recorded a net profit after tax of $16.66 million.
This result includes an upward revaluation of investment properties of $8.14 million after tax, compared with a reduction of $0.13 million in the previous financial year. In accordance with Accounting Standards, this change in value is taken up in the Company’s Statement of Comprehensive Income as an unrealised profit/(loss).
The company achieved a record underlying operating profit after tax of $9.35 million, representing underlying operating profit growth of 11.2% when compared to the prior year. The underlying profit after tax excludes the revaluation adjustment, as well as the initial expenditure relating to BML’s investment in Perth Markets Limited, and the takeover defence costs.