Halmont Properties Corporation Year End Results
TORONTO, April 27, 2020 (GLOBE NEWSWIRE) -- HALMONT PROPERTIES CORPORATION (TSX-V: HMT) announced today that net income to common shareholders for the year ended December 31, 2019 was $6.48 million as compared to net income of $2.88 million for the year ended December 31, 2018.
| Year ended | |||||
| (in millions) | December 31, 2019 | December 31, 2018 | |||
| Revenue | $ 13.47 | $ 7.81 | |||
| Net income | - total | 7.07 | 3.42 | ||
| - for common shareholders | 6.48 | 2.88 | |||
| Net income per share for common shareholders | 5.88 | ¢ | 3.00 | ¢ | |
The book value of each common share increased to 57¢ at December 31, 2019 compared to 51¢ in 2018. 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.
Notable investment initiatives undertaken during 2019 included (1) the disposition of a commercial building for an after-tax gain of approximately $3 million, (2) the acquisition of a commercial building for approximately $20 million dollars, (3) funding ofa participating first mortgage on a residential development located in Oakville, Ontario (4) the issuance of $20 million convertible preferred shares to fund a subscription for $20 million convertible preferred shares of Macer Forest Holdings Inc., and thereby increasing our investment in the forest sector while strengthening the Company's capital structure for future growth.
Halmont Properties Corporation invests directly in real estate and securities of companies holding property, energy and infrastructure.
This news release includes certainfonvard-looking statements including management's assessment of the Company's fature 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 aclua/ results, performance or achievement could differ materially from those expressed in, or implied by, these fonvard-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
