WFC Wall Financial Corp

VANCOUVER, Dec. 13, 2011 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the nine months ended October 31, 2011. The Company recorded net earnings and comprehensive income attributable to owners of the Company for the nine months of fiscal 2012 of $26,800,238 or $0.81 per share (October 31, 2010 - $31,770,871 or $0.96 per share). As at October 31, 2011, earnings before interest, income tax, and depreciation and amortization (EBITDA), and net earnings attributable to non-controlling interest were $79,905,133 (October 31, 2010 - $56,039,634). Revenue from real estate operations increased from $127,334,225 for the nine months of the prior year to $207,047,646 for the nine months of fiscal 2012, predominantly due to the closing of 368 units at the Capitol Residences development in the nine months of fiscal 2012. Revenue from hotel operations was $42,240,019 for the nine months ended October 31, 2011 compared to $48,026,681 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 $13,277,538 as at October 31, 2010 to $12,027,800 for the nine months ended October 31, 2011 primarily due to the sale of two rental properties in May and June 2010. October 31, 2011 October 31, 2010 Revenue and other income $ 266,347,521 $ 199,146,826 Net earnings and comprehensive income attributable to 26,800,238 31,770,871 owners of the Company Net earnings per share 0.81 0.96 Total assets $ 408,319,435 $ 538,650,753 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. 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.     Wall Financial Corporation CONTACT: contact Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX:WFC),3502 - 1088 Burrard Street, Vancouver, British Columbia V6Z 2R9, (604)893-7131.

Copyright