MP Western Properties Inc.
TSX VENTURE : MPW.H

March 23, 2010 17:27 ET

MP Western Properties Inc. Announces Twelve Months Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2010) - MP Western Properties Inc. (TSX VENTURE:MPW.H), a Vancouver-based real estate company, announces the results of operations for the year ended December 31, 2009.

The Company is reporting net income from continuing operations of $4,860,000 for the year ended December 31, 2009 compared to $1,849,000 for the same period in 2008. Cash flow from continuing operations before changes in non-cash balances for the year ended December 31, 2009 is $5,532,000 compared to $3,610,000 for the same period in 2008.

In 2009 the Company sold properties for total consideration of $37,070,000. The Company had a gain on disposition of a real estate property of $2,211,000 and gain a from disposition of real estate property from discontinued operations of $8,444,000. The Company has reflected the gain from the properties sold in which the Company has no continuing interest as income from discontinued operations. The net income from discontinued operations was $7,494,000.

The net income for the year ended December 31, 2009 was $12,354,000 compared to $2,175,000 for the same period in 2008.

Contact Information

  • MP Western Properties Inc.
    Mr. Alan Firth
    President
    (604) 732-6540
    or
    MP Western Properties Inc.
    Mr. Bill Ramsey
    Chief Financial Officer
    (604) 732-6540
    (604) 732-6550 (FAX)