VANCOUVER, Sept. 13, 2016 /CNW/ - Wall Financial Corporation
(the "Company") released its operating results and financial
statements for the six months ended July
31, 2016. The Company recorded net earnings
attributable to shareholders of the Company for the period ended
July 31, 2016 of $12,327,662 or $0.37 per share (July 31,
2015 – $3,916,559 or
$0.12 per share).
At July 31, 2016, earnings before
interest, income tax, and depreciation and amortization
(EBITDA)1, and net earnings attributable to
non-controlling interest were $25,275,850 (July 31,
2015 – $11,292,194).
Higher average daily rates achieved at the hotels resulted in
revenues of $31,716,047 from hotel
operations for the six months ended July 31,
2016 compared with revenues of $29,758,757 for the six months ended July 31, 2015. Revenues from the Company's
rental properties for the period ended July
31, 2016 of $7,670,432 were
higher than revenues for the comparative period in the prior year
of $6,105,415 due to the higher rents
achieved at renovated properties and due to the fully leased
operations at the newly constructed 213-unit Shannon rental
apartments. Revenue from development operations increased from
$3,368,158 for the six months ended
July 31, 2015 to $170,462,543 for the six months ended
July 31, 2016 due mainly to the
closing of 167 units at the Binning project at the University of British Columbia.
|
Three months ended
July 31
|
Six months ended July
31
|
|
2016
|
2015
|
2016
|
2015
|
Revenue and other
income
|
$
|
188,078,555
|
$
|
23,182,402
|
$
|
209,886,058
|
$
|
39,269,084
|
Net earnings
attributable to shareholders of the Company
|
12,638,609
|
4,073,491
|
12,327,662
|
3,916,559
|
Net earnings per
share
|
$
|
0.38
|
$
|
0.12
|
$
|
0.37
|
$
|
0.12
|
|
|
|
|
|
|
July 31,
2016
|
January 31,
2016
|
|
|
Total
assets
|
$
|
945,171,525
|
$
|
900,330,627
|
|
|
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, 2016 and 2015.
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.
SOURCE Wall Financial Corporation