Madison Pacific Properties Inc. Announces First Quarter Results
June 14 2011 - 3:03PM
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 3 months ended March 31, 2011.
The results reported incorporate changes required pursuant to
International Financial Reporting Standards (IFRS).
For the first quarter 2011 the Company is reporting net income
for the period of $2,704,000 (2010: $3,680,000); cash flow from
continuing operations before changes in non-cash operating working
capital of $1,380,000 (2010: $1,485,000); and income per share of
$0.05 (2010: $0.06).
The decrease in net income is largely due to a gain of
$1,466,000, before income tax, on the disposition of investment
property realized in 2010. There was no sale of investment property
in the first quarter of 2011.
As at March 31, 2011 the Company owned over $225 million in real
estate assets comprising 1.4 million rentable sq. ft. of industrial
and commercial space of which 99% was leased.
Contacts: Madison Pacific Properties Inc. Mr. Alan Firth
President & CEO (604) 732-6540 (604) 732-6550 (FAX) Madison
Pacific Properties Inc. Mr. Bill Ramsey Investor Information (604)
732-6540
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