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Halmont Properties Corporation Second Quarter Results

Halmont Properties Corporation
·1 min read

TORONTO, Aug. 17, 2022 (GLOBE NEWSWIRE) -- HALMONT PROPERTIES CORPORATION (TSX-V: HMT) (“Halmont” or the “Company”) announced today that net income to common shareholders for the six months ended June 30, 2022, was $9,965,000 as compared to net income of $1,403,000 for the six months ended June 30, 2021.

(thousands)

 

Three months ended

 

 

June 30, 2022

 

June 30, 2021

 

 

 

 

 

 

 

Revenue

 

$

16,682

 

$

4,354

 

 

 

 

 

 

 

Net income

- total

 

10,717

 

 

2,030

 

 

- for common shareholders

 

9,965

 

 

1,403

 

 

 

 

 

 

 

Net income per share for common shareholders

 

 

7.74

¢

 

1.13

¢

 

 

 

 

 

 

During the second quarter, the Company sold a commercial property located at 401 Yonge Street, resulting in an after tax-gain of approximately $8.0 million.

Excluding the aforementioned property sale, net income for the six months was $3,743,000 of which $2,991,000 was attributable to common shareholders.

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The fully diluted book value, assuming the conversion of the capital notes and preferred shares, increased to 72¢ per common share compared to 61¢ in June 2021.

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 assets including commercial, forest, and residential properties.

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. Fitzpatrick
President
T: 647-448-7147