Madison Pacific Properties Inc. Announces Second Quarter Results
August 10 2011 - 1:36PM
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, 2011.
The results reported incorporate changes required pursuant to
International Financial Reporting Standards (IFRS).
For the six months ending June 30, 2011 the Company is reporting
net income for the period of $6.6 million (2010: $10.3 million);
cash flow from continuing operations before changes in non-cash
operating working capital of $2.3 million (2010: $3.2 million); and
income per share of $0.07 (2010: $0.12).
The Company sold two investment properties in the second quarter
of 2011 resulting in a gain on disposition of investment properties
before tax of $3.1 million.
The decrease in net income for the six months ending June 30,
2011 is largely attributable the decrease in the net gain on fair
value adjustment on investment properties of $1.8 million (2010:
$7.5 million) offset by the gain on disposition of investment
property of $3.1 million (2010: $1.5 million).
As at June 30, 2011 the Company owned over $217.3 million in
investment properties comprising 1.36 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, 2010 annual MD&A.
The Company is pleased to announce $0.0525 cents per share
dividend will be payable September 1, 2011 to shareholders of
record August 17, 2011.
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
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