Brisbane Markets Limited (BML) announced its results for the year ended 30 June 2023 at its Annual General Meeting on Wednesday, 15 November.
BML reported an underlying net operating profit before tax of $16.95 million, a reduction when compared to the prior year.
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. This valuation movement has significantly contributed to the reported net loss before income tax of $14.22 million.
BML Chair, Anthony Kelly, said the results reflected a challenging year impacted by the valuation decrease together with interest rate and operating cost increases.
“BML has been able to limit our losses in a year where we faced a very difficult economic environment on the back of a flood event, and our results this year show the prudence of BML’s long-term investment strategies,” Mr Kelly said.
BML’s balance sheet remains strong with reported total assets at 30 June 2023 of $502.83 million and net assets of $249.43 million. This has also resulted in the net asset per share figure easing back to $4.58.
BML has continued to invest in the development of the Brisbane Markets site, with planning for future warehouse projects and work on flood mitigation projects underway.
The company has declared a final dividend of 8.25 cents per ordinary share, fully franked, bringing the total dividend paid in respect of the 2023 financial year to 16.25 cents per share fully franked.