Madison Pacific Properties Inc. Announces Third Quarter Results
15 Noviembre 2011 - 12:18PM
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 nine months ending September 30,
2011.
The results reported incorporate changes required pursuant to
International Financial Reporting Standards (IFRS).
For the nine months ending September 30, 2011 the Company is
reporting net income for the period of $25.7 million (2010: $16.4
million); cash flow from continuing operations before changes in
non-cash operating working capital of $4.6 million (2010: $4.9
million); and income per share of $0.43 (2010: $0.29).
The increase in net income for the nine months ending September
30, 2011 included a $16.6 million gain on recognition of the
Company's deferred tax assets (2010: nil).
In the nine months ending September 30, 2011 the Company
recorded a pre-tax gain on disposition of investment property of
$3.1 million (2010: $1.5 million) and a pre-tax gain on fair value
adjustment on investment property of $3.7 million (2010: $12.0
million).
The Company owns over $221.0 million in investment properties
comprising 1.46 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 that it has purchased a
91,000 square foot industrial building and property at 7708 80th
Street in Delta, B.C.
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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