Wall Financial Corporation announces F'18 Q2 operating results and financial statements

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. 

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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.
² Earnings or loss referenced herein pertains to earnings or loss before income tax.

SOURCE Wall Financial Corporation

contact Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9, [phone].