Wall Financial Corporation - News Release
September 11 2012 - 10:22PM
PR Newswire (Canada)
VANCOUVER, Sept. 12, 2012 /CNW/ - Wall Financial Corporation (the
"Company") released today its operating results and financial
statements for the six months ended July 31, 2012. The
Company recorded net earnings and comprehensive income attributable
to owners of the Company for the six months ended July 31, 2012 of
$7,453,724 or $0.23 per share (July 31, 2011 - $24,031,586 or $0.73
per share). As at July 31, 2012, earnings before interest, income
tax, and depreciation and amortization (EBITDA), and net earnings
attributable to non-controlling interest were $15,403,312 (July 31,
2011 - $72,736,669). Revenue from hotel operations was $26,359,563
for the six months ended July 31, 2012 compared to $28,335,847 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 revenues decreased from $8,207,952 as at July 31, 2011 to
$7,567,487 for the six months ended July 31, 2012 due to the
decrease in the Company's portfolio of rental properties. Revenue
from real estate sales decreased from $200,359,478 for the six
months ended July 31, 2011 to $7,966,220 for the six months ended
July 31, 2012 as there were no projects completing in the first 6
months of this year. July 31, 2012 July 31, 2011 Revenue and other
income $ 46,083,452 $ 241,917,387 Net earnings and comprehensive
income attributable to owners of the Company 7,453,724 24,031,586
Net earnings per share 0.23 0.73 Total assets $ 508,441,377 $
398,393,210 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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