EDMONTON, Alberta, Nov. 07, 2024 (GLOBE NEWSWIRE) — Melcor Developments Ltd. (“Melcor”) (TSX: MRD), an Alberta-based real estate development and asset management company, today reported results for the third quarter ended September 30, 2024. The third quarter Management Discussion & Analysis (MD&A) and Condensed Interim Financial Statements are available on our website (www.melcor.ca) under Investors, or on SEDAR+ (www.sedarplus.ca).Timothy Melton, Melcor’s Executive Chair and Chief Executive Officer, commented: “Melcor is pleased to report results for the third quarter of 2024. Revenue was $59.51 million, down from $88.78 million in Q3-2023, and year-to-date revenues reached $178.96 million compared to $190.11 million in 2023. The revenue decline is primarily due to a reduction in US sales over the comparative period, with no US sales recorded in 2024. Funds from operations (“FFO”) were also affected by the timing of US sales, resulting gross profit decrease of $12.03 million in the quarter and down $5.44 million year-to-date. Other factors impacting FFO include higher general and administration expenditures in the period and year-to-date related to the potential transaction with the REIT. As a result, FFO decreased by 26.4% to $16.51 million in the quarter (Q3-2023: $22.42 million. Year-to-date FFO increased 7.4% to $50.37 million (2023: $46.89 million).Alberta’s land and housing industry has experienced a period of growth driven by increased demand for residential housing. We continue to see our province positively impacted by migration, leading to continued demand for suburban living, particularly in Edmonton and Calgary.In Canada, our Land division has recognized year-to-date revenue of $85.63 million, up 20.7% over last year (2023: $70.93 million). Si …
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