Vancouver-based Madison Pacific Properties Inc. (TSX:MPC), which owns and manages more than 1.5 million square feet of industrial and commercial real estate in B.C., more than doubled its net income in its first quarter ending March 31, 2009.
Net income rose to $2.8 million from $1.2 million in the same period last year, due primarily to a tax recovery the company recorded in 2009's first quarter.
Income from continuing operations fell slightly to $1.1 million from $1.2 million as interest and financing costs rose slightly.
Quarterly revenue remained stable at $3.65 million compared with $3.66 million in 2008's first quarter.
In April, Madison sold one of its properties in April for $5.3 million. The company said it will record a $1.4 million profit from the sale in the second quarter.
Madison's share price range during the past week: between $2.01 and $2.15; 52-week high: $2.58: 52-week low: $1.25.