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TORONTO, July 16, 2024 (GLOBE NEWSWIRE) -- The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the year ended April 30, 2024.
HIGHLIGHTS
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Total revenues for the year ended April 30, 2024 were $3,045,648 compared to $2,860,435 for the same period in 2023;
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The non-IFRS financial measure Net Operating Income for the year was $2,375,060 compared to $2,294,028 in 2023;
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Net income for the year was $0.07 per share, compared to a net loss of $0.43 per share in 2023.
FINANCIAL HIGHLIGHTS
Total revenue for the year ended April 30, 2024 improved $185,213 compared to the year ended April 30, 2023, a result of both higher property revenue and finance income.
| Year ended | ||||||
| April 30 | ||||||
| 2024 | 2023 | |||||
| Property revenue | $2,792,736 | $2,712,093 | ||||
| Finance income | 252,912 | 148,342 | ||||
| Total revenues | $3,045,648 | $2,860,435 | ||||
| Net income (loss) attributable to common | ||||||
| and special shareholders | $124,478 | ($778,354) | ||||
| Average common and special shares outstanding | 1,808,360 | 1,808,360 | ||||
| Income (loss) per share | $0.07 | ($0.43) | ||||
Components of the $902,832 improvement in net income for the year ended April 30, 2024 compared to the year ended April 30, 2023 were:
| Changes in Net Income - Year ended April 30, 2024 | |
| compared to year ended April 30, 2023 | |
| Decrease in the unfavourable fair value adjustment | $702,473 |
| Increase in finance income | 104,570 |
| Increase in net operating Income | 81,032 |
| Decrease in expenses related to strategic review | 40,641 |
| Increase in gain on disposal | 17,199 |
| Decrease in administrative expenses | 485 |
| Decrease in recovery of deferred income taxes | (19,738) |
| Increase in current taxes | (23,830) |
| Decrease in net loss | $902,832 |
The decrease in the unfavourable fair value adjustment to investment properties was the result of a reduced upward adjustment in investment property capitalization rates during year ended April 30, 2024, as compared to the year ended April 30, 2023.
Non-IFRS financial measures
Net operating income
The non-IFRS financial measure Net Operating Income for the year ended April 30, 2024 was $2,375,060, a $81,032 increase compared with the previous year. This increase was primarily the result of improved property revenue related to higher recovery of operating costs from tenants.
| Year ended | |||
| April 30 | |||
| 2024 | 2023 | ||
| Property revenue | $2,792,736 | $2,712,093 | |
| Property operating expenses | (417,676) | (418,065) | |
| Net operating income | $2,375,060 | $2,294,028 | |
Funds from operations and Adjusted funds from operations
For the year ended April 30, 2024 the Company recorded Adjusted funds from operations of $920,029 ($0.51 per share) compared to $612,280 ($0.34 per share) in 2023.