Wall Financial Corporation - News Release
September 13 2011 - 12:00PM
PR Newswire (Canada)
VANCOUVER, Sept. 13, 2011 /CNW/ -- VANCOUVER, Sept. 13, 2011 /CNW/
- Wall Financial Corporation (the "Company") released today its
operating results and financial statements for the six months ended
July 31, 2011. The Company recorded net earnings and
comprehensive income attributable to owners of the Company for the
first half of fiscal 2012 of $24,031,586 or $0.73 per share (July
31, 2010 - $25,823,219 or $0.78 per share). As at July 31, 2011,
earnings before interest, income tax, and depreciation and
amortization (EBITDA), and net earnings attributable to
non-controlling interest were $72,736,669 (July 31, 2010 -
$44,713,262). Revenue from real estate operations increased from
$123,341,893 in the first half of the prior year to $200,359,478 in
the first half of fiscal 2012, predominantly due to the closing of
359 condominium units at the Capitol Residences development in the
first half of fiscal 2012. Revenue from hotel operations was
$28,335,847 for the six months ended July 31, 2011 compared to
$32,359,303 in the same period of the prior year. This
decrease was primarily due to the sale of the Comfort Inn hotel on
May 31, 2011 and the stimulus received in the prior year from the
Vancouver Winter Olympics, which resulted in higher occupancy and
average daily room rates in the first half of the prior year.
Rental property operating revenues decreased from $9,185,411 as at
July 31, 2010 to $8,207,952 for the six months ended July 31, 2011
primarily due to the sale of two rental properties in May and June
2010. July 31, 2011 July 31, 2010 Revenue and other income $
241,917,387 $ 171,217,822 Net earnings and comprehensive income
24,031,586 25,823,219 attributable to owners of the Company Net
earnings per share 0.73 0.78 Total assets $ 398,393,210 $
459,475,265 The above unaudited financial information, including
comparative information, is expressed in Canadian dollars and has
been prepared in accordance with International Financial Reporting
Standards ("IFRS"), using the same accounting policies and methods
of application as described in note 2 of the Company's unaudited
condensed consolidated interim financial statements for the period
ended April 30, 2011. Details regarding the adoption of IFRS
can be found in note 13 of these financial statements of the
Company. The Company is pleased to announce the appointment of Mr.
Michael Redekop to its board of directors effective September 13,
2011. Wall Financial Corporation is a B.C. based real estate
company active in the development and management of residential
rental apartments, development and construction of residential
housing for resale, and the development and management of hotel
properties. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/September2011/13/c2621.html
p Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC),
3502 - 1088 Burrard Street, Vancouver, British Columbia V6Z 2R9,
(604) 893-7131. /p
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