Melcor Developments Ltd., (TSX:MRD) Third Quarter Results
Earnings for the three months ending
The Board of Directors declared a semi-annual dividend of
The Community Development Division achieved a significant increase in lot sale activity. Although sales increased, gross margins were lower than the prior year. The Company received notice that, effective
Property Development Division activities continue to add value to the Company by successfully completing projects under construction and advancing plans for future projects. During the quarter, one property was completed and transferred to the Investment Property Division.
The Investment Property Division continues its steady growth as leases are being renewed at current market rates and occupancy is holding steady. The Investment Property Division has a conditional agreement to acquire 240 residential units in
The golf courses experienced excellent weather for the quarter which resulted in increased play and stronger earnings. Earnings were also buoyed by the first full quarter of revenues from the Black Mountain Golf Course in Kelowna, BC, which opened in June.
Subsequent to the quarter end, the Company completed gross financings of
We are cautiously optimistic that Alberta residential real estate markets are stabilizing and buyer confidence is improving. The Company remains confident that it has the appropriate assets, capital resources and an experienced management team to manage operations through the remainder of the current real estate market adjustment.
For further information: please contact the undersigned. Business Contact: Ralph B. Young, President & CEO, [email protected], Tel: (780) 423-6931; Investor Relations, Michael D. Shabada, C.A., V.P. Finance & CFO, [email protected], Tel: (780) 945-2819; www.melcor.ca
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