Halmont Properties Corporation Second Quarter Results
August 24 2020 - 8:02PM
HALMONT PROPERTIES CORPORATION (TSX-V: HMT)
announced today that net income to common shareholders for the six
months ended June 30, 2020 was $1,624,000 as compared to net income
of $1,162,000 for the six months ended June 30, 2019.
|
Six months ended |
|
(in
thousands) |
June 30, 2020 |
|
June 30, 2019 |
|
|
|
|
|
|
Revenue |
$ |
4,577 |
|
$ |
3,957 |
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
- total |
|
2,283 |
|
|
1,454 |
|
- for common shareholders |
|
1,624 |
|
|
1,162 |
|
|
|
|
|
|
Net income per share for common shareholders |
|
1.39 |
¢ |
|
0.94 |
¢ |
|
|
|
|
|
|
|
The increase in the company’s earnings compared
to the same period in 2019 is due principally to the additional
capital invested in 2019 in commercial properties, loans receivable
and forest properties.
With respect to the impact of COVID-19, our
businesses overall performed well in the first quarter, however our
commercial properties are being impacted and we are working to
mitigate the consequences.
The book value of each common share increased to
59¢ at June 30, 2020 compared to 51¢ in 2019. Halmont revalues its
principal assets each year in accordance with IFRS accounting
principles, considering available market information and the
relevant terms of its joint-venture and partnership agreements. As
a result, the common share book value approximates their realizable
values.
Halmont Properties Corporation invests directly
in real estate and securities of companies holding property,
energy, and infrastructure.
This news release
includes certain forward-looking statements including management’s
assessment of the Company’s future plans and operations based on
current views and expectations. All statements other than
statements of historic facts are forward looking statements. These
statements contain substantial known and unknown risks and
uncertainties, some of which are beyond the Company’s control. The
Company’s actual results, performance or achievement could differ
materially from those expressed in, or implied by, these
forward-looking statements. Readers should not place undue reliance
on these forward-looking statements which represent estimates and
assumptions only as of the date on which such statements are made.
The Company undertakes no obligation to publicly revise or update
any forward-looking statements, whether as a result of new
information, future events or otherwise.
For additional information:
Heather M. FitzpatrickPresident647-448-7147
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