Madison Pacific Properties Inc. Announces Second Quarter Results
09 Agosto 2012 - 3:46PM
Marketwired
Madison Pacific Properties Inc. (the Company) (TSX:MPC)(TSX:MPC.C),
a Vancouver-based real estate company, announces the results of
operations for the three and six months ending June 30, 2012.
For the six months ending June 30, 2012, the Company is
reporting net income for the period of $9.4 million (2011: $6.6
million); cash flow from continuing operations before changes in
non-cash operating working capital of $3.9 million (2011: $2.3
million); and income per share of $0.16 (2011: $0.06).
There were no sales of investment properties in 2012. The
Company sold two investment properties in 2011 resulting in a gain
on disposition of investment properties before tax of $3.1
million.
The increase in net income for the six months ending June 30,
2012 is largely attributable to the increase in the net gain on
fair value adjustment on investment properties of $7.4 million
(2011: $2.4 million) offset by the gain on disposition of
investment property in 2011 of $3.1 million.
As at June 30, 2012 the Company owned over $290.3 million in
investment properties comprising 1.6 million rentable sq. ft. of
industrial and commercial space of which 99% was leased.
For a review of the risks and uncertainties to which the Company
is subject, see the December 31, 2011 annual MD&A.
The Company is pleased to announce $0.525 per share dividend
will be payable September 5, 2012 to shareholders of record August
21, 2012.
Contacts: Madison Pacific Properties Inc. Mr. Alan Firth
President & CEO (604) 732-6540 Madison Pacific Properties Inc.
Mr. Bill Ramsey Investor Information (604) 732-6540 (604) 732-6550
(FAX)
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