VANCOUVER, Sept. 11, 2015 /CNW/ - Wall Financial
Corporation (the "Company") released its operating results and
financial statements for the six months ended July 31, 2015. The Company recorded net
earnings attributable to shareholders of the Company for the six
months ended July 31, 2015 of
$3,916,559 or $0.12 per share (July 31,
2014 – $2,850,167 or
$0.09 per share).
As at July 31, 2015, earnings
before interest, income tax, and depreciation and amortization
(EBITDA)1, and net earnings attributable to
non-controlling interest were $11,393,406 (July 31,
2014 – $9,293,973).
For the six months ended July 31,
2015, higher average daily rates achieved at the hotels
resulted in revenues of $29,758,757
and earnings2 of $7,841,702 from hotel operations compared with
the same period of the prior year during which the hotel operations
generated revenues of $26,544,291 and
earnings of $6,187,501. Revenues from
the Company's rental properties for the six months ended
July 31, 2015 were consistent with
revenues for the six months ended July 31,
2014 while earnings for the period ended July 31, 2015 of $1,115,669 were lower than earnings for the same
ended of the prior year of $1,777,573. This decrease was mainly the
result of depreciation and interest expensed in respect of the
Company's recently renovated rental properties. Revenue from
development operations increased from $506,134 for the six months ended July 31, 2014 to $3,368,158 for the six months ended July 31, 2015 due to more lot sales closing in
the first half of fiscal 2016 compared with the same period of the
prior year.
|
Three months ended
July 31
|
|
Six months ended July
31
|
|
2015
|
2014
|
|
2015
|
2014
|
Revenue and other
income
|
$ 23,182,402
|
$ 19,642,082
|
|
$ 39,269,084
|
$ 33,355,025
|
Net loss attributable
to shareholders of the Company
|
4,073,491
|
3,818,136
|
|
3,916,559
|
2,850,167
|
Net earnings per
share
|
0.12
|
0.12
|
|
0.12
|
0.09
|
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 years ended January 31, 2015 and 2014.
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.
_____________________________
1 EBITDA is a widely accepted supplemental measure of
financial performance but is not prescribed by Canadian generally
accepted accounting principles ("GAAP"). This non-GAAP
financial measure does not have any standardized meaning and
therefore, may not be comparable to similar measures presented by
other companies.
2 Earnings referenced herein pertain to earnings
after income tax.
SOURCE Wall Financial Corporation