VANCOUVER, Sept. 13, 2018 /CNW/ - Wall Financial
Corporation (the "Company") released its operating results and
financial statements for the six months ended July 31, 2018. The Company recorded net
earnings attributable to shareholders of the Company for the six
months ended July 31, 2018 of
$8,484,710 or $0.25 per share compared with net earnings of
$9,286,084 or $0.27 per share for the same period in the prior
year.
For the six months ended July 31,
2018, earnings before interest, income tax, and depreciation
and amortization (EBITDA)1, and net earnings
attributable to non-controlling interest were $39,702,937 (July 31,
2017 – $30,346,347).
Continued strength in achieving high average daily rates at the
hotels resulted in increased revenue from hotel operations of
$43,077,798 and
earnings2 of $13,216,701 for the six months ended July 31, 2018 compared with revenue of
$39,108,398 and earnings2
of $11,432,821 for the same period in
the prior year. Revenue from the Company's rental properties
for the six months ended July 31,
2018 were $15,640,157 compared
with $9,830,346 for the same period
in the prior year due to higher re-rental rates from the Company's
renovated units and the lease up of the Company's two recently
constructed rental properties consisting of 313 rental units in
aggregate. Revenue from development operations for the six months
ended July 31, 2018 of $219,081,973 was comparable with the six months
ended July 31, 2017 of $197,624,534.
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Three months ended
July 31
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Six months ended
July 31
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Revenue and
earnings
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2018
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2017
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2018
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2017
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Total revenue and
other income
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$
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254,428,064
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$
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132,875,815
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$
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278,046,833
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$
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246,677,386
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Net earnings (loss)
attributable to shareholders of the Company
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8,986,891
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6,853,737
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8,484,710
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9,286,084
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Earnings (loss) per
share (diluted and non-diluted)
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$
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0.26
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$
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0.20
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$
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0.25
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$
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0.27
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Balance
sheet
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July 31,
2018
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January 31,
2018
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Total
assets
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$
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1,251,490,382
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$
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1,316,007,993
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Total non-current
liabilities
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$
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338,946,108
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$
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231,548,633
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Dividends
paid
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$
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-
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$
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16,976,683
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Dividends paid per
share
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$
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-
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$
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0.50
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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, 2018 and 2017.
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.
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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.
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2 Earnings
or loss referenced herein pertains to earnings or loss before
income tax.
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SOURCE Wall Financial Corporation