VANCOUVER, Dec. 13, 2016 /CNW/ - Wall Financial Corporation
(the "Company") released its operating results and financial
statements for the nine months ended October
31, 2016. The Company recorded net earnings
attributable to shareholders of the Company for the period ended
October 31, 2016 of $19,475,901 or $0.57 per share (October
31, 2015 – $7,480,281 or
$0.23 per share).
At October 31, 2016, earnings
before interest, income tax, and depreciation and amortization
(EBITDA)1, and net earnings attributable to
non-controlling interest were $50,579,758 (October 31,
2015 – $18,941,201).
Higher average daily rates achieved at the hotels resulted in
revenues of $52,474,139 from hotel
operations for the nine months ended October
31, 2016 compared with revenues of $48,044,938 for the nine months ended
October 31, 2015. Revenues from
the Company's rental properties for the period ended October 31, 2016 of $12,283,020 were higher than revenues for the
comparative period in the prior year of $9,001,525 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 $4,042,158 for the nine months ended October 31, 2015 to $181,277,933 for the nine months ended
October 31, 2016 due mainly to the
closing of all 170 units at the Binning project at the University of British Columbia.
|
Three months ended
October 31
|
NIne months ended
October 31
|
|
2016
|
2015
|
2016
|
2015
|
Revenue and other
income
|
$
|
36,237,029
|
$
|
21,878,445
|
$
|
246,123,087
|
$
|
61,147,529
|
Net earnings
attributable to shareholders of the Company
|
7,148,239
|
3,563,722
|
19,475,901
|
7,480,281
|
Net earnings per
share
|
$
|
0.21
|
$
|
0.11
|
$
|
0.57
|
$
|
0.23
|
|
|
|
|
|
|
October 31,
2016
|
January 31,
2016
|
|
|
Total
assets
|
$
|
1,015,577,122
|
$
|
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