WALL FINANCIAL CORPORATION ANNOUNCES Q1 2024 FISCAL RESULTS

VANCOUVER, BC, June 14, 2023 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the three months ended April 30, 2023.  The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the three months ended April 30, 2023 of $2,730,741 or $0.08 per share compared to $29,999,525 or $0.92 per share in the prior period.  This decrease in net earnings compared to prior year was primarily due to the sale of an investment property in the prior period.

Revenue and income from the rental apartment operations increased due to acquisitions of investment properties in the prior year, a decrease in vacancy rates, and increased rents on tenant turnover.  Revenues and earnings from the Company's hotels increased due to higher occupancy and average daily rates. Revenues from the Company's development operations decreased due to the closing of 9 condominium units in the prior period.

				Three months ended April 30
Statements of Earnings				2023	2022
	Total revenue and other income			$     32,497,290	$     32,908,465
	Net earnings attributable to shareholders of the Company			2,730,741	29,999,525
	Earnings per share (diluted and non-diluted)			0.08	0.92
Statements of Financial Position				April 30, 2023	January 31, 2023
	Total assets			$   873,957,817	$   874,728,957
	Total non-current liabilities			340,920,198	351,635,100
	Dividends paid			97,360,095	-
	Dividends paid per share			3.00	-

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, 2023 and 2022.   

Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential and commercial rental units, development and construction of residential housing for resale, and the development and management of hotel properties.  For further information, contact Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9, 604.893.7131. 

SOURCE Wall Financial Corporation