The Brisbane Markets Limited Board has signed off on the financial results for the half year ended 31 December 2016, which have been subject to review by the company’s auditors, BDO.
The net profit of the group after income tax for the half year ended 31 December 2016 was $10.276 million.
The group achieved an operating profit before tax (excluding revaluation and Perth Markets Limited contribution) for the half year ended of $6.975 million, which was an increase of 9.67% on the prior corresponding period. This is a very pleasing result for the company and a detailed overview is provided within the Shareholders Report.
The highlights for the reporting period include:
- Strong underlying profit growth of 9.67% for the Brisbane Markets (excluding property revaluation impacts).
- A significant profit contribution from Perth Markets Ltd of $8.8 million (before tax) including the impact of its independent property valuation at 31 December 2016.
- Continued capital expenditure of $5.1 million for the period including the completion of the new Puma Service Station fronting Sherwood Road.
- A Directors’ valuation of the Brisbane Markets Property at $261 million.
- BML group total assets have increased by 2.65% since June 2016 to $302 million.
- BML group net assets have increased by 8.65% since June 2016 to $131.3 million.
- BML net assets per share is $3.09 per share at 31 December 2016.
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 a record interim dividend for the half year of 8.0 cents per share, fully franked. This increased dividend is a reflection of the ongoing strong underlying performance of the business.
The dividend of 8.0 cents per share fully franked, will be paid on Friday, 24 March 2017.
This will paid to shareholders on the share register of the company at 5.00pm on Friday, 10 March 2017.
BML publishes a Share Transaction Sales History report on its website on a monthly basis. In the six-month period from 1 July 2016 to 31 December 2016 there have been three share transactions with the share trading price of $3.50 per share. For further information, please refer to our website.
Any shareholder wishing to sell shares can do so by private treaty where they have identified a buyer, or you may advise BML who will circulate your details to parties who have registered their contact details with BML as being interested in acquiring shares and they will contact you directly.
To register your interest in selling/buying shares email email@example.com.
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.
FOR FURTHER INFORMATION
Chief Executive Officer
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.