Halmont Properties Corporation: Third Quarter Results

CBJ Newsmakers

TORONTO, Nov. 28, 2018 (GLOBE NEWSWIRE) — HALMONT PROPERTIES CORPORATION (TSX-V: HMT) announced today that net income to common shareholders for the nine months ended September 30, 2018 was $1,685,000 as compared to net income of $1,266,000 for the nine months ended September 30, 2017.

  Nine months ended  
(in millions) September 30, 2018   September 30, 2017  
         
Revenue $ 5,067   $ 3,969  
         
Net income  – total   2,080     1,590  
                    – for common shareholders   1,685     1,266  
         
Net income per share for common shareholders   1.62 ¢   1.63 ¢

During the quarter, Halmont acquired a $14 million participating mortgage maturing June 2021.

In addition, approval was given for issuance of $25 million Senior Subordinated Debentures and $10 million Class B non-voting common shares to refinance the Company’s recent investment initiatives and strengthen its capital structure for growth.

The book value of each common share, based on the Company’s December 31, 2017 IFRS appraisals and including the net income earned in the third quarter, was 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           

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

                                                                                                                      

Recommended