The Brisbane Markets Limited Board has finalised the financial results of the company for the year ended 30 June 2017. The company recorded a net profit after tax of $30.95 million.
This result includes an upward revaluation of investment properties at Brisbane Markets Limited of $14.99 million after tax, compared with an increase of $8.14 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 a profit, but is unrealised. In addition, the financial results reflect the company’s proportion of profit from Perth Markets Limited which includes an upwards property revaluation of $5.83 million, after tax.
Overall, the company achieved a record underlying operating profit after tax of $10.13 million, representing underlying operating profit growth of 8.3 % when compared to the prior year.
The underlying profit after tax excludes the revaluation adjustment impacts, highlighted as follows:
The group has continued to improve its balance sheet, with total asset growth of 12.4% and net asset growth of 22.8%. At 30 June 2017, total assets stood at $330.7 million with net assets of $148.4 million. The group’s financial performance will be further elaborated upon in the company’s Annual Report, which will be distributed to all shareholders in mid-October 2017, and at the Annual General Meeting, set down for Tuesday, 21 November, 2017 at 9am.
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.
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 share, comprising of an ordinary dividend of 8.0 cents and a further special dividend of 0.25 cents per share, fully franked.
The total dividend paid in respect of the 2017 financial year will therefore be 16.25 cents per share, fully franked. This is an 8.3% increase on the prior financial year when the total dividend paid was 15.0 cents per share, fully franked.
The final dividend of 8.25 cents per share fully franked, will be paid on Friday, 13 October 2017.
This will paid to shareholders on the share register of the company at 5.00pm on Thursday, 28 September 2017.
SHARE TRADING
In the six-month period from 1 January 2017 to 30 June 2017 there have been eight (8) share transactions with the share trading price ranging from $3.55 – $3.70 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