Wall Financial Corporation - News Release
June 13 2012 - 8:51AM
PR Newswire (Canada)
VANCOUVER, June 13, 2012 /CNW/ - Wall Financial Corporation (the
"Company") released today its operating results and financial
statements for the three months ended April 30, 2012. The
Company recorded net earnings and comprehensive income attributable
to owners of the Company for the three months ended April 30, 2012
of $3,192,765 or $0.10 per share (April 30, 2011 - $16,392,584 or
$0.50 per share). As at April 30, 2012, earnings before interest,
income tax, and depreciation and amortization (EBITDA), and net
earnings attributable to non-controlling interest were $7,257,476
(April 30, 2011 - $57,361,301). Revenue from real estate operations
decreased from $186,473,472 for the three months ended April 30,
2011 to $4,873,644 for the three months ended April 30, 2012,
predominantly due to the closing of 343 units at the Capitol
Residences development in the three months of fiscal 2012. Revenue
from hotel operations was $10,779,887 for the three months ended
April 30, 2012 compared to $11,548,179 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. Rental property operating
revenues decreased from $4,044,280 as at April 30, 2011 to
$3,879,105 for the three months ended April 30, 2012. April 30,
2012 April 30, 2011 Revenue and other income $ 21,875,709 $
202,096,586 Net earnings and comprehensive income attributable to
owners of the Company 3,192,765 16,392,584 Net earnings per share
0.10 0.50 Total assets $ 445,253,038 $ 387,274,474 The above
unaudited financial information, including comparative information,
is expressed in Canadian dollars and has been prepared in
accordance with International Financial Reporting Standards, using
the same accounting policies and methods of application as
described in notes 2 and 3 of the Company's audited consolidated
financial statements for the year ended January 31, 2012. 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.
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