04:35 PM EST, 11/07/2024 (MT Newswires) -- TWC Enterprises ( CLKXF ) said Thursday afternoon its third-quarter profit rose due to an unrealized gain on its investment in a property entity.

The golf-club operator said it earned $42.7 million, or $1.75 per share, in the quarter, compared with $17.7 million, or $0.72, a year earlier. It added that the increase in earnings came on unrealized gains of $24.84 million, mostly from its investment in Automotive Properties REIT (APR-UN.TO).

Operating revenue for the quarter ended Sept. 30 fell 1.9% to $66.4 million from $67.6 million a year ago due to a drop in real-estate revenue from one home sale at its Highland Gate club, compared to two in 2023, the company said.

The company announced an eligible cash dividend of $0.075 cents per common share, the same as the previous quarter. It will be paid on Dec. 16 to shareholders of record as of Dec. 2.

TWC shares last traded on Wednesday, closing at $17.51 on the Toronto Stock Exchange.