VANCOUVER, Sept. 11, 2017 /CNW/ - Wall Financial Corporation
(the "Company") released its operating results and financial
statements for the six months ended July
31, 2017. The Company recorded net earnings
attributable to shareholders of the Company for the six months
ended July 31, 2017 of $9,286,084 or $0.27
per share compared with net earnings of $12,327,662 or $0.37 per share for the six months ended
July 31, 2016.
For the six months ended July 31,
2017, earnings before interest, income tax, and depreciation
and amortization (EBITDA)1, and net earnings
attributable to non-controlling interest were $30,346,347 (July 31,
2016 – $34,860,145).
Higher average daily rates achieved at the hotels resulted in
revenues of $39,108,398 and
earnings2 of $11,432,821
from hotel operations for the six months ended July 31, 2017 compared with revenues of
$31,716,047 and earnings2
of $7,710,798 for the same period in
the prior year. Revenues from the Company's rental properties
for the six months ended July 31,
2017 were $9,830,346 compared
with $7,670,432 for the six months
ended July 31, 2016 due to higher
re-rental rates from the Company's renovated units and the full
lease up of the Company's recently constructed 213-unit rental
property. Revenue from development operations increased from
$170,462,543 in the first half of
fiscal 2017 to $197,624,534 for the
six months ended July 31, 2017 due
mainly to the closing of 625 units at Company's development project
in the current year.
|
|
|
|
|
Three months ended
July 31
|
|
Six months ended
July 31
|
|
2017
|
2016
|
|
2017
|
2016
|
|
Revenue and other
income
|
$
|
132,875,815
|
$
|
188,073,293
|
|
$
|
246,677,386
|
$
|
209,880,796
|
|
Net earnings
attributable to shareholders of the Company
|
6,853,737
|
12,638,609
|
|
9,286,084
|
12,327,662
|
|
Net earnings per
share
|
$
|
0.20
|
$
|
0.38
|
|
$
|
0.27
|
$
|
0.37
|
|
|
|
|
|
|
|
July 31,
2017
|
January 31,
2017
|
|
|
|
|
Total
assets
|
$
|
1,066,725,720
|
$
|
1,022,182,285
|
|
|
|
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, 2017 and 2016.
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 or loss referenced herein pertains to
earnings or loss before income tax.
SOURCE Wall Financial Corporation