MP Western Properties Inc. Announces Twelve Months Results
March 23 2010 - 5:27PM
Marketwired
MP Western Properties Inc. (TSX VENTURE: MPW.H), a Vancouver-based
real estate company, announces the results of operations for the
year ended December 31, 2009.
The Company is reporting net income from continuing operations
of $4,860,000 for the year ended December 31, 2009 compared to
$1,849,000 for the same period in 2008. Cash flow from continuing
operations before changes in non-cash balances for the year ended
December 31, 2009 is $5,532,000 compared to $3,610,000 for the same
period in 2008.
In 2009 the Company sold properties for total consideration of
$37,070,000. The Company had a gain on disposition of a real estate
property of $2,211,000 and gain a from disposition of real estate
property from discontinued operations of $8,444,000. The Company
has reflected the gain from the properties sold in which the
Company has no continuing interest as income from discontinued
operations. The net income from discontinued operations was
$7,494,000.
The net income for the year ended December 31, 2009 was
$12,354,000 compared to $2,175,000 for the same period in 2008.
Contacts: MP Western Properties Inc. Mr. Alan Firth President
(604) 732-6540 MP Western Properties Inc. Mr. Bill Ramsey Chief
Financial Officer (604) 732-6540 (604) 732-6550 (FAX)
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