EDMONTON, Oct. 31 /CNW/ - Melcor Developments Ltd., an Alberta based real estate development company, achieved net earnings of $18,520,000 or $6.13 per share basic ($5.95 per share diluted) for the three months ended September 30, 2005, compared to earnings of $4,073,000 or $1.31 per share basic ($1.29 per share diluted) during the same period in 2004. Revenue for the third quarter was $52,355,000 compared to revenue of $21,385,000 during the third quarter of 2004. The primary reason for the increase in revenue and earnings in 2005, was the sale of 166 acres of land in north Calgary, which had been held for future development. This transaction generated gross revenue of $24,693,000 and resulted in earnings of approximately $4.43 per share. Melcor continues to hold approximately 150 acres of additional lands in the immediate vicinity for future development. For the nine months ended September 30, 2005, net earnings were $26,390,000 or $8.73 per share (basic) on revenue of $91,994,000, compared to net earnings of $9,728,000 or $3.14 per share (basic) on revenue of $52,349,000 for the same period in 2004. Diluted earnings per share were $8.55 for the nine months ended September 30, 2005 compared to $3.09 during the same period in the prior year. Revenue and earnings are ahead of the Company's 2005 business plan. The Company has declared a semi-annual dividend of $.75 per share plus a special dividend of $1.00 per share payable on December 30, 2005 to Shareholders of record on December 15, 2005. This compares to a semi-annual dividend of $.60 per share paid on December 30, 2004. The dividend will total $2.50 per share for 2005 which compares to $1.20 in 2004 and $1.10 in 2003. Other significant events include: - The Company's assets have grown from $282 million at December 31, 2004 to $362 million at September 30, 2005; - During the Quarter additional strategic land holdings have been acquired in Kelowna, Red Deer, Spruce Grove and Lethbridge. Melcor also acquired its partner's joint venture interest in Lethbridge; - The Company continues to take an active role to support annexation proposals in Calgary, Red Deer and Spruce Grove; and - During the quarter, the Company obtained mortgage financing of $17,650,000 on three properties. Year to date the Company has obtained mortgage financing of $37,075,000 on 7 properties at an average interest rate of 5.28%.