Wall Financial Corporation Announces Q2 Fiscal 2023 Results

VANCOUVER, BC, Sept. 13, 2022 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the six months ended July 31, 2022.  The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the six months ended July 31, 2022 of $39,313,638 or $1.21 per share compared to $12,174,552 or $0.37 per share in the prior period.  This increase in net earnings compared to prior period was primarily due to the sale of an investment property and improved operations at the Company's hotels.

Revenue and income from the rental apartment operations remain stable and revenues from the development operations decreased from the prior period due to the closing of 111 condominium units in the prior period.    

			Three months ended July 31		Six months ended July 31
Statements of Earnings			2022	2021	2022	2021
	Total revenue and other income		$        41,018,707	$        64,635,819	$        73,927,172	$      181,912,946
	Net earnings attributable to shareholders of the Company		9,314,113	5,843,084	39,313,638	12,174,552
	Earnings per share (diluted and non-diluted)		$                   0.29	$                   0.18	$                   1.21	$                   0.37
Statements of Financial Position					July 31, 2022	January 31, 2022
	Total assets				$    827,010,753	$    874,063,426
	Total non-current liabilities				$    289,430,996	$    277,821,380
	Dividends paid				$                       -	$                       -
	Dividends paid per share				$                       -	$                       -

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, 2022 and 2021.   

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. 

SOURCE Wall Financial Corporation

For further information: Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9, 604.893.7131.