Half year results announced by BML

Brisbane Markets Limited (BML) has announced its half-year financial results to 31 December 2023, achieving an operating profit before tax for the half-year of $7.74 million.

This operating profit excludes the valuation adjustment for the Brisbane Markets and the Perth Markets Group Limited contribution.

The statutory result of the group after income tax for the half-year ended 31 December 2023 was a loss of $4.77 million.

The Brisbane Markets site in Rocklea is just 11 kms from the Brisbane CBD.

The results reflect a reduction in the carrying value of the property of $14.75 million, with the fair value of BML’s properties recorded at $413 million at 31 December 2023.

Total Assets reduced by 0.18% since June 2023 to $501.9 million while Net Assets decreased by 4.211% to $238.9 million.

BML announced an interim dividend to be paid to shareholders for the half-year of 9.0 cents per share, unfranked.

BML Chair, Anthony Kelly, said the dividend reflected the continuing solid underlying performance despite a challenging year.

“As a Board, we expected that the current business environment, with rising insurance rates and the increased costs of doing business, would impact the company’s performance,” Mr Kelly said.

“Increased storm activity over summer, in particular storm damage incurred to a small number of buildings in December, also impacted BML’s half year results and are likely to impact our full year results as well.

“Accordingly, BML has continued to offset the challenging economic environment by implementing internal cost efficiencies to reduce expenditure without reducing service delivery to Tenants.”

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