The Becker Milk Company Limited: Six Month Financial Results

Core Insights - The Becker Milk Company Limited reported a decline in total revenues and net income for the six months ended October 31, 2025, compared to the same period in 2024, primarily due to reduced finance income [3][7]. Financial Highlights - Total revenues for the six months ended October 31, 2025, were $1,428,054, a decrease of $23,408 from $1,451,462 in 2024 [3][7]. - Property revenue increased slightly to $1,369,949 in 2025 from $1,362,324 in 2024 [4][9]. - Finance income fell to $58,105 in 2025 from $89,138 in 2024 [4]. - Net income attributable to common and special shareholders was $712,962, down from $1,408,754 in 2024, resulting in a decrease of $695,792 [4][11]. - Income per share decreased to $0.39 in 2025 from $0.78 in 2024 [4][7]. Changes in Net Income - The decrease in net income was influenced by several factors, including: - A decrease in deferred tax charges of $1,159,205 [5]. - Proceeds from an expropriation settlement amounting to $331,220 [5]. - An increase in administrative expenses of $22,427 [5]. - A decrease in finance income of $31,033 [5]. - An increase in current taxes of $49,672 [5]. - A decrease in net operating income of $54,523 [5]. - A significant decrease in the fair value adjustment of $2,028,562 [5]. Non-IFRS Financial Measures - The non-GAAP financial measure Net Operating Income for the six months ended October 31, 2025, was $1,137,175, down from $1,191,698 in 2024, reflecting a decrease of $54,523 [8][9]. - Adjusted funds from operations for the six months ended October 31, 2025, were $391,854 ($0.22 per share), compared to $300,304 ($0.17 per share) in 2024 [10][11]. Strategic Review - The Board of Directors is actively evaluating strategic directions for the Company and continues to review its strategic alternatives, although no discussions with potential acquirers are currently active [12].