The Brisbane Markets Limited (BML) Board has approved the financial results for the half-year ended 31 December 2020, which have been reviewed by the company’s auditors, BDO.
The group achieved an operating profit before tax (excluding the valuation adjustment and Perth Markets Limited contribution) for the half-year of $8.92 million, which represents growth of 16% over the same period last year. The Board is very pleased with this result which reflects the resilience of the Brisbane Markets.
The statutory net profit of the group after income tax for the half-year ended 31 December 2020 was $10.47 million.
The highlight for the reporting period was the completion of the Building E1 warehouse development which was handed over to new tenant, J.H. Leavy & Co (a subsidiary of Darling Group), in August 2020. A range of other achievements are outlined in the attached Report to Shareholders.
The results also reflect increase to the property valuation of $14.70 million, as well as non-recurring adjustments to income tax expense totaling $7.5 million
Total Assets have increased by 5.54% since June 2020 to $416.90 million.
Net Assets have increased by 4.44% since June 2020 to $200.19 million.
Net Assets per share is $3.67 at 31 December 2020.
Please see the Report to Shareholders for a more detailed overview of the results for the half year.
PAYMENT OF DIVIDEND
The Board of Directors is also pleased to advise shareholders that the Group’s operating result remains strong and on this basis, the Board has declared an interim dividend for the half-year of 8.50 cents per share, fully franked. This dividend is a reflection of the continuing solid underlying performance for the period. This reflects an increase of 0.25 cents per share over the same period last year.
The dividend will be paid on Wednesday, 17 March 2021 to shareholders on the share register of the company at 5pm on 3 March 2021.
ONGOING INFORMATION UPDATES
BML will provide ongoing updates to shareholders in relation to any significant matters that may occur. BML will continue to make all shareholder announcements available on its website. In addition, BML will also continue to email shareholders where an email address has been supplied, or mail the relevant information to shareholders where we do not hold an email address.
We encourage all shareholders to receive updates by email, and direct payment of dividends to your bank account. Shareholders can update communication preferences and arrange for direct credit of dividends to your bank account via the investor page at www.linkmarketservices.com.au
FOR FURTHER INFORMATION
To view the full Financial Report for the half-year ended 31 December 2020, please download it here.
Chief Executive Officer