Halmont Properties Corporation Third Quarter Results
TORONTO, Nov. 27, 2019 (GLOBE NEWSWIRE) -- HALMONT PROPERTIES CORPORATION (TSX-V: HMT) announced today that net income to common shareholders for the nine months ended September 30, 2019 was $3,697,000 as compared to net income of $1,685,000 for the nine months ended September 30, 2018.
| Nine months ended | ||||||
| (in thousands, except per share amounts) | September 30, 2019 | September 30, 2018 | ||||
| Revenue | $ | 9,828 | $ | 5,067 | ||
| Net income | ||||||
| – total | 4,138 | 2,080 | ||||
| – for common shareholders | 3,697 | 1,685 | ||||
| Net income per share for common shareholders | 2.98 | ¢ | 1.62 | ¢ | ||
During the quarter, Halmont sold a commercial property located at 220 King Street West for an approximate gain of $3 million after provisions for taxes and the revaluation of our adjacent property.
The book value of each common share, based on the Company’s December 31, 2018 IFRS appraisals and including the net income earned in the first three quarters, was 53.2¢ per share as at September 30, 2019 as compared to 49.5¢ per share as at September 30, 2018.
Halmont Properties Corporation invests directly in real estate and securities of companies holding property, energy and infrastructure assets.
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
647-448-7147
