07:59 AM EDT, 07/15/2024 (MT Newswires) -- Madison Pacific Properties ( MDPCF ) , a Vancouver-based real estate company, over the weekend said for the nine months ended May 31, 2024, it reported a net loss of $44.2 million versus for the same period in 2023 a net income of $26.2 million.

The company also reported cash flows generated from operating activities before changes in non-cash operating balances of $7.9 million (2023 $8.2 million); and loss per share of $0.74 (2023 income per share of $0.43).

It said included in the net loss is a provision of $51.5 million (2023: $nil) for uncertain tax positions recognizing a tax liability for 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 carry forward amounts. Also included in net loss is a net gain on the fair value adjustment on investment properties of approximately $1.6 million (2023: $13.4 million).

As at May 31, 2024, the company said it owned approximately $706 million in investment properties.

The company announced that a $0.0525 per share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable September 4, 2024 to shareholders of record on August 14, 2024. It also announces that it will change its fiscal year end from August 31 to December 31 effective for the financial year commencing September 1, 2024.

Results reported were pursuant to International Financial Reporting Standards for public companies.