February 22, 2005

Jannock reports sharp jump in profits for 2004

TORONTO

Jannock Properties Ltd. has reported a sharp jump in profits last year as the company continued to dispose of its real estate assets.

Jannock said it earned $10.4 million or 29 cents a share for the year ended Dec. 31. That compared with a profit of $381,000 or one cent a share in 2003.

The company sold $27.3 million of land in 2004 and now has two parcels of land in Milton, northwest of Toronto. A deal to sell these properties for $2.7 million is expected to close soon.

Jannock Properties is a real estate company based in Mississauga, Ont. that is focused on selling its land and other assets for the highest price and distributing the money to its shareholders.

The company is what remains of Jannock Ltd., which was once North America’s largest maker of clay bricks and a large supplier of vinyl siding, steel products and specialized insulation.

Those businesses were divested in recent years, leaving Jannock with its land holdings.

The Canadian Press

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