Wall Financial Corporation - News Release
April 21 2012 - 9:08AM
PR Newswire (Canada)
VANCOUVER, April 24, 2012 /CNW/ - Wall Financial Corporation (the
"Company") released today its operating results and financial
statements for the year ended January 31, 2012. The Company
recorded net earnings and comprehensive income attributable to
owners of the Company for fiscal 2012 of $24,660,303 or $0.74 per
share (January 31, 2011 - $29,703,372 or $0.90 per share). As at
January 31, 2012, earnings before interest, income tax, and
depreciation and amortization (EBITDA), and net earnings
attributable to non-controlling interest were $78,568,351 (January
31, 2011 - $54,680,880). Revenue from real estate development
operations increased from $128,871,671 for the prior year to
$208,124,453 for fiscal 2012, predominantly due to the closing of
370 units at the Capitol Residences development in fiscal 2012.
Revenue from hotel operations was $51,457,204 for the year ended
January 31, 2012 compared to $57,698,893 in 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 prior year. Rental
property operating revenues decreased from $17,268,264 as at
January 31, 2011 to $15,942,267 for the year ended January 31, 2012
primarily due to the sale of two rental properties in May and June
2010. January 31, 2012 January 31, 2011 Revenue and other income $
280,694,573 $ 212,981,239 Net earnings and comprehensive income
attributable to owners of the Company 24,660,303 29,703,372 Net
earnings per share 0.74 0.90 Total assets $ 425,329,001 $
472,453,411 The above audited 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 3 of the Company's audited
consolidated financial statements for the year ended January 31,
2012. Details regarding the adoption of IFRS can be found in
note 20 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
Wall Financial (TSX:WFC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wall Financial (TSX:WFC)
Historical Stock Chart
From Jul 2023 to Jul 2024