Brisbane Markets Limited (BML) has announced its half-year financial results to 31 December 2022, achieving an operating profit before tax for the half-year of $7.90 million.
This operating profit excludes the valuation adjustment for the Brisbane Markets and the Perth Markets Limited contribution.
The statutory result of the group after income tax for the half-year ended 31 December 2022 was a loss of $4.17 million.
The results reflect an increase in insurance, interest and resourcing costs along with a decrease to the property valuation of $14.13 million, with the Brisbane Markets site property value recorded as $430 million at 31 December 2021.
Total Assets increased by 1.02% since June 2022 to $512.15 million while Net Assets decreased by 2.91% to $259.36 million.
BML announced an interim dividend to be paid to shareholders for the half-year of 8.25 cents per share, fully franked.
BML Chair, Anthony Kelly, said the dividend reflected the continuing solid underlying performance despite a challenging year.
“As a Board, we expected that cost increases due to rising insurance and interest rates, combined with the recovery effort from last year’s flood event, would impact the company’s performance,” Mr Kelly said.
“BML does not pass insurance costs relating to flood on to Tenants, so there were significant costs for the company to absorb in supporting Tenant businesses,” he said.
“Accordingly, BML has offset the challenging economic environment by implementing internal cost efficiencies to reduce expenditure without reducing service delivery to Tenants.”