Business
Parkit Enterprise Reports Q2 Results
Toronto, Ontario--(Newsfile Corp. - August 3, 2023) - Parkit Enterprise Inc.  (TSXV: PKT)&...
About this update from Parkit Enterprise Inc.
[{"type":"text","content":"Parkit Enterprise Reports Q2 ResultsToronto, Ontario--(Newsfile Corp. - August 3, 2023) - Parkit Enterprise Inc. (TSXV: PKT) (\"Parkit\" or the \"Company\"), today reported the Company's second quarter 2023 results. Steve Scott, Chair of Parkit, commented:\"In Q2, Parkit continued to streamline operations for its properties, signed a new lease and completed the acquisition of the remaining 50% interest in one of its parking assets providing full control over the future opportunities of the asset.\"2023 Q2 Results and Recent Business HighlightsIndustrial properties revenue and net rental income. Industrial properties revenue and net rental income increased as the Company onboarded and integrated its Winnipeg and Saskatchewan portfolio, streamlined operations, and signed new leases. Industrial properties revenue for the three and six months ended June 30, 2023 rose 111% and 92%, respectively, to $5,669,831 and $9,229,063, compared to $2,691,836 and $4,802,291, respectively, for the three and six months ended June 30, 2022. Net rental income (\"NRI\"), increased by 159% and 151%, respectively, to $3,555,238 and $5,641,517, for the three and six months ended June 30, 2023 compared to $1,374,181 and $2,242,216, respectively, for the three and six months ended June 30, 2022.Significant liquidity position. The Company maintained a strong liquidity position with cash and cash equivalents totaling $6,379,633 for the six months ended June 30, 2023. The Company has unencumbered assets and availability on its operating line to fund future acquisitions.Cash flows. Parkit increased its cash flow with $7,340,142 received from operating activities for the six months ended June 30, 2023, compared to $2,049,452 received for the six months ended June 30, 2022. Parkit used net cash of $100,962,169 in investing activities for the six months ended June 30, 2023, compared to cash used of $38,201,148 from investing activities for the six months ended June 30, 2022, as the Company completed $90.3 million of acquisitions in Q1 2023, and acquired the remaining interest in Fly-Away Parking, offset by a distribution received from its joint venture. Parkit received net cash of $80,331,782 in financing activities for the six months ended June 30, 2023, compared to net cash received of $35,627,698 for the six months ended June 30, 2022, as a result o...