Business
Melcor Developments Ltd., EDMONTON AB (TSX:MRD) Reports Earnings for 2005
Melcor Developments Ltd., EDMONTON AB (TSX:MRD) Reports Earnings for 2005.
About this update from Melcor Developments Ltd.
[{"type":"text","content":"\n\n\n\n\nEDMONTON, Feb. 24 /CNW/ - Melcor Developments Ltd., an Alberta based\npublic real estate development company, recorded net earnings of $41,776,000\nor $13.80 per share (basic) for the twelve months ended December 31, 2005 on\nrevenue of $161,500,000 compared with earnings of $19,437,000 or $6.30 per\nshare (basic) on revenue of $88,339,000 for the same period in 2004. Earnings\nfor 2005 were the highest annual earnings per share in the history of the\nCompany.\nFor the three months ended December 31, 2005, earnings are $15,386,000 or\n$5.07 per share (basic) on revenue of $69,506,000 compared to earnings of\n$9,709,000 or $3.16 per share on revenue of $35,891,000 during the same period\nin the prior year.\nThe increase in earnings is due to a surge in the volume of business for\nthe Company as the strong economy in the Province of Alberta has fuelled the\ndemand for residential and commercial real estate. Further, during the third\nquarter of 2005 the Company recorded a material transaction which generated\nrevenue of $24,693,000 and resulted in earnings of $4.43 per share (basic).\n\nHighlights for the year include:\n\n- Growth in assets from $282 million at December 31, 2004 to\n $396 million at December 31, 2005;\n- The addition of 196,000 square feet of rentable space to the\n Investment Property portfolio while increasing the occupancy rate from\n 85% to 92%;\n- Acquisition of strategic land holdings totalling 993 acres at a cost\n of $29,774,000;\n- Progression in the development of various assets which will add about\n 200,000 square feet of rentable space to the Investment Property\n portfolio over the next two years;\n- The payment of dividends of $2.50 per share (including a special\n dividend of $1.00 per share) compared to $1.20 paid in 2004; and\n- Successful financing endeavours resulted in the receipt of gross\n mortgage proceeds of $37,075,000 on investment properties and\n $11,540,000 on land held for future development.\n\nThe annual meeting of Melcor Developments Ltd. will be on \nWednesday, April 12, 2006 at 11:00 a.m. MDT at The Fairmont Hotel Macdonald,\nWedgwood Room, 10065 - 100 Street, Edmonton, Alberta.\n\n\n\n","length":2243,"tagName":"div"}]