07:00 AM EDT, 04/15/2024 (MT Newswires) -- Madison Pacific Properties ( MDPCF ) , a Vancouver-based real estate company, over the weekend reported a net loss of $43.4 million, or $0.73 per share, for the six months ended Feb. 29, compared with net income of $23 million, or $0.38 per share, in the year-ago period as it set aside funds for potential tax liabilities and other costs.

The $50.2 million provision is linked to uncertainly over unpaid taxes, estimated interest, and awarded legal costs and provisions against the carrying value of the company's tax deposits and deferred tax assets related to unused carryforward amounts, Madison Pacific said.

The net loss also includes a fair value adjustment on investment properties of about $4.3 million, compared with $14 million in 2023.

Additionally, the company reported cash flow generated from operating activities before changes in non-cash operating balances of $4.3 million, compared with $4.6 million in the same period of 2023.

As at Feb. 29, the company said it owns about $709 million in investment properties, including the company's proportionate share of investment properties held through joint operations.