Madison Pacific Faces $43.4M Loss Amid Tax Reassessments

Madison Pacific Cl B (TSE:MPC) has released an update.

Madison Pacific Properties Inc. has reported a net loss of $43.4 million for the six months ending February 29, 2024, a significant downturn from the net income of $23.0 million in the previous year. The loss includes a provision of $50.2 million for uncertain tax positions following a Tax Court of Canada judgment unfavorable to the company, which impacted the usage of carryforward losses. Despite the current financial challenges, the company maintains a robust investment property portfolio valued at approximately $709 million.

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