The Brisbane Markets Limited Board has finalised and approved the financial results of the company for the financial year ended 30 June 2023.
The company has reported an underlying net operating profit before tax of $16.95 million, which is reduction when compared to the prior year. This result reflects a challenging year, with the result impacted by interest rate increases and operating cost increases. The valuation of the Brisbane Markets property at 30 June 2023 was $422.0 million, and the carrying value of Investment Property was written down by $30.67 million as reported below. This valuation movement has significantly contributed to the reported net loss before income tax of $14.22 million.
The financial performance of the company is summarised below, including impact of the valuation movement and other adjustments:
The balance sheet remains strong with reported total assets at 30 June 2023 of $502.83 million and net assets of $249.43 million, down by 6.5% on the prior year. This has also resulted in the net asset per share figure easing back to $4.58.
The company’s financial performance will be further elaborated upon in the company’s Annual Report, which will be distributed to all shareholders during October 2023, and at the Annual General Meeting, set down for Wednesday, 15 November 2023 at 9am.
PAYMENT OF DIVIDEND
The Board of Directors wish to advise shareholders that a fully franked final dividend for the year of 8.25 cents per ordinary share, has been declared.
The total dividend paid in respect of the 2023 financial year will be 16.25 cents per ordinary share, fully franked, consistent with the prior financial year.
The final dividend of 8.25 cents per ordinary share, fully franked, will be paid on Wednesday, 18 October 2023.
This will be paid to shareholders on the share register of the company at 5pm on Wednesday, 4 October 2023. A full copy of the financial report can be viewed on our website by clicking here.
Andrew Young
Managing Director and CEO
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