VANCOUVER, British Columbia, April 12, 2024 (GLOBE NEWSWIRE) -- Madison Pacific Properties Inc. (the Company) (TSX:MPC), a Vancouver-based real estate company announces the results of operations for the six months ended February 29, 2024. The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies. For the six months ended February 29, 2024, the Company is reporting net loss of $43.4 million (2023: net income of $23.0 million); cash flows generated from operating activities before changes in non-cash operating balances of $4.3 million (2023: $4.6 million); and loss per share of $0.73 (2023: income per share of $0.38). Included in net loss is a provision of $50.2 million (2023: $nil) for uncertain tax positions recognizing a tax liability for unpaid taxes, estimated interest and awarded legal costs and provisions against the carrying value of the Company's tax deposits and deferred tax assets related to unused carryforward amounts. Also included in net loss is a net gain on the fair value adjustment on investment properties of approximately $4.3 million (2023: $14.0 million). As previously reported in the Company's Consolidated Financial Statements, the Company and certain subsidiaries had received from the Canada Revenue Agency ("CRA") and Alberta Tax and Revenue Administration ("ATRA") tax notices of reassessment for various taxation years. The reassessments deny the application and usage of certain non-capital losses, capital losses, deductions and investment tax credits arising from prior years. The Company and its subsidiaries had filed notices of objection and notices of appeal ...