Brisbane Markets' strong earnings 

Brisbane Markets Limited released its 2008 Annual Report earlier this week, highlighting total revenues of $33.97 million, including an increase in the value of investment properties held by $8.74 million, and a net profit after tax of $11.576 million.

The company held total assets valued at $161.5 million as at 30 June 2008 and net assets of $86 million.

The strong financial performance of the company was accompanied by an array of other highlights during the course of the year, including finalising the purchase from the State Government of a 9.7 hectare site immediately adjacent to the South Gate precinct for $7.0 million, completing a rights issue which raised $9.96 million from shareholders, the purchase of a 1.74 hectare development site at Larapinta, for $4.982 million, progression of the $33 million South Gate East development, release of the reviewed Master Plan for the site and the progression of workshops so as to engage tenants.

The company maintained its focus on proactive site and property management with a priority given to the application of policy requirements, the introduction of new policies relating to waste and pest management, and site presentation and cleanliness.

Ongoing significant investments in site maintenance included an ongoing emphasis on electrical infrastructure and fire detection systems upgrading, and meeting water reduction targets.

The company also worked with the wholesalers' representative organisation, Brismark, with the continued successful delivery of the Fresh Tastes Retailer Program, while 724 Queensland schools were also registered as part of the Queensland Kids Fresh Net program promoting healthy eating.

With a number of other major development projects planned for commencement over the coming 12 months, including the new western access road, car parks and two new warehouses, the company is maintaining its proactive and ambitious approach as one of Australia’s leading Central Markets.