VANCOUVER, June 13, 2019 /CNW/ - Wall Financial Corporation
(the "Company") released its operating results and financial
statements for the three months ended April
30, 2019. The Company recorded net earnings
attributable to shareholders of the Company for the quarter ended
April 30, 2019 of $73,662,767 or $2.17 per share compared with a net loss of
$502,180 or $0.01 per share for the three months ended
April 30, 2018.
Continued growth in average daily rates at the hotels resulted
in increased revenue from hotel operations of $17,241,196 for the quarter ended April 30, 2019 compared with revenue of
$15,862,239 for the same period in
the prior year. Revenues from the Company's rental properties
for the three months ended April 30,
2019 were $8,371,918 compared
with $7,473,782 for the three months
of the prior year due to higher re-rental rates from the Company's
renovated units. Revenue from development operations for the
three months ended April 30, 2019 of
$224,143,267 was higher than the
prior year of $139,499 due to 162
closings of condominium units in the current year.
|
|
Three months ended
April 30
|
|
Revenue and
earnings
|
2019
|
2018
|
|
Total revenue and
other income
|
$
|
251,338,349
|
$
|
23,618,769
|
|
Net earnings (loss)
attributable to shareholders of the Company
|
$
|
73,662,767
|
$
|
(502,180)
|
|
Earnings per
share
|
$
|
2.17
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
|
Balance
sheet
|
April 30,
2019
|
January 31,
2019
|
|
Total
assets
|
$
|
1,094,026,704
|
$
|
1,244,788,463
|
|
Total non-current
liabilities
|
311,812,574
|
313,429,192
|
|
Dividends
paid
|
-
|
33,953,365
|
|
Dividends paid per
share
|
$
|
-
|
$
|
1.00
|
|
|
|
|
On June 13, 2019, the Directors of
Wall Financial Corporation (the "Company") declared a cash dividend
of $2.00 for each Common Share
without par value in the capital of the Company (the aggregate of
the dividend being $67,906,730.00) to
the holders of record of the Common Shares without par value on the
27th day of June 2019 to
be payable on or before the 11th day of July,
2019. The Company, for the purposes of the Income tax Act
(Canada) and any similar
provincial legislation, notifies that the dividend declared on
June 13, 2019 is designated as an
eligible dividend, and that all future dividends are designated as
"eligible dividends", unless indicated otherwise.
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, 2019 and 2018.
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.
SOURCE Wall Financial Corporation