The Becker Milk Company Limited: Six Month Financial Results
In This Article:
TORONTO, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the six months ended October 31, 2023.
HIGHLIGHTS
-
Total revenues for the six months ended October 31, 2023 were $1,488,135 compared to $1,360,032 for the same period in 2022;
-
The non-GAAP financial measure Net Operating Income for the first half fiscal 2024 was $1,181,810 compared to $1,153,009 for the first half fiscal 2023;
-
Net loss for the first half fiscal 2024 was $0.30 per share, compared to $1.19 net loss per share for the first half fiscal 2023.
FINANCIAL HIGHLIGHTS
Total revenue for the six months ended October 31, 2023 improved $128,103 compared to the six months ended October 31, 2022, largely a result of higher finance income.
|
|
|
|
|
| Six months ended | ||||||
|
|
|
|
|
| October 31 | ||||||
|
|
|
|
|
|
| 2023 |
|
|
| 2022 |
|
| Property revenue |
|
|
| $1,345,934 |
|
| $1,303,395 |
| |||
| Finance income |
|
|
|
| 142,201 |
|
|
| 56,637 |
| |
| Total revenues |
|
|
| $1,488,135 |
|
| $1,360,032 |
| |||
|
|
|
|
|
|
|
|
| ||||
| Net income (loss) attributable to common and special shareholders |
| ($546,853) |
|
|
| ($2,153,525) |
| ||||
|
|
|
|
|
|
|
|
| ||||
| Average common and special shares outstanding |
|
| 1,808,360 |
|
|
| 1,808,360 |
| |||
|
|
|
|
|
|
|
|
| ||||
| Income (loss) per share |
|
|
|
| ($0.30) |
|
|
| ($1.19) |
| |
Components of the $1,606,672 decrease in the net loss for the six months ended October 31, 2023 compared to the six months ended October 31, 2022 are:
| Changes in Net Income - Six months ended October 31, 2023 | |||||||
| compared to six months ended October 31, 2022 | |||||||
|
|
|
|
|
|
| ||
| Favourable change in fair value adjustment |
|
| $1,753,573 |
| |||
| Increase in finance income |
|
|
|
| 85,564 |
| |
| Decrease in expenses related to strategic review |
|
| 40,456 |
| |||
| Increase in net operating income |
|
|
|
| 28,801 |
| |
| Increase in gain on disposal |
|
|
|
| 12,376 |
| |
| Increase in administrative expenses |
|
|
| (22,210) |
| ||
| Increase in current taxes |
|
|
|
| (33,791) |
| |
| Decrease in recovery of deferred income taxes |
|
| (258,097) |
| |||
| Decrease in net loss |
|
|
| $1,606,672 |
| ||
The decrease in the unfavourable change in the fair value adjustment to investment properties was the result of an upward adjustment in investment property capitalization rates during six months ended October 31, 2023, as compared to the six months ended October 31, 2022.
