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Halmont Properties Corporation Second Quarter Results

/EIN News/ -- TORONTO, Aug. 27, 2019 (GLOBE NEWSWIRE) -- HALMONT PROPERTIES CORPORATION (TSX-V: HMT) announced today that net income to common shareholders for the six months ended June 30, 2019 was $1,162,000 as compared to net income of $ 944,000 for the six months ended June 30, 2018.

  Six months ended
(in millions) June 30, 2019   June 30, 2018  
         
Revenue $3,957   $3,221  
         
Net income  –  total   1,454     1,201  
                    –  for common shareholders   1,162     944  
         
Net income per share for common shareholders   0.94 ¢   0.91 ¢

During the quarter, Halmont purchased a fifth commercial building located at 401 Yonge Street for $19.75 million.

Subsequent to June 30, 2019, Halmont reached an agreement to sell a commercial property for a gain of approximately $4 million.

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 two quarters, was 51¢ per share as at June 30, 2019 and increasing to 54¢ per common share after taking account of the after-tax gain on the property sale in the third quarter.

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

Halmont Properties Corporation
51 Yonge Street, Suite 400
Toronto, ON M5E 1J1
Telephone:   647-448-7147

 


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