15 Operating Results The net operating profit/(loss) of the consolidated entity after income tax for the year ended 30 June 2022 was $46.875 million, 30 June 2021: $8.104 million. Underlying net operating profit before income tax was $10.89 million (2021: $10.892 million). 2022 $’000 2021 $’000 %Change PMGL Operating Profit 10,879 10,892 (0.12)% Fair value gain on revaluation of investment properties 58,214 7,440 682% Fair value gain on revaluation of financial assets 582 57 921% Finance expenses (2,769) (2,759) (0.36)% Acquisition related costs (332) (319) (4.08)% Net Profit before income tax 66,574 15,311 334% Less income tax expense from continuing operations (2,060) (2,095) Less income tax expense arising from deferred tax liability due to Corporate Tax rate adjustment - (2,589) Less income tax expense from deferred tax liability due to revaluation of investment property during the current year (17,639) (2,523) Net Profit/(Loss) after income tax expense 46,875 8,104 The net profit/(loss) after income tax includes the following: » A gain on the revaluation of Investment Properties of $58.214 million following an independent valuation dated 30 June 2022. (30 June 2021: $7.440 million). » A gain on the revaluation of Financial Assets (Investment in Brisbane Markets Ltd shares) of $582k. » 2021: Adjustment from the increase in income tax rate from 27.5% to 30% on the carrying value of the Group’s tax liabilities including deferred tax liabilities as disclosed in Note 7 of the financial report. The restatement of the carry value of deferred tax liabilities to the 30% tax rate was a charge to the profit and loss of $2.589 million. Review of Operations The Group continued its focus of managing and developing the Perth Markets site; based on its strategic pillars of: » Optimising current operations: » Developing for sustainable growth, and » Seeking growth through new opportunities. The Group’s future development and growth initiatives will be framed by the Total Site Master Plan (review is targeted for completion by the end of calendar year 2022). The Perth Markets site was fully operational over the year with COVID-19 managed with minimal impact on financial and operating performance.
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