Wall Financial Corporation Announces Q4 Fiscal 2022 Results

VANCOUVER, BC, April 14, 2022 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the year ended January 31, 2022. The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the year ended January 31, 2022 of $14,614,710 or $0.45 per share compared to $544,293 or $0.02 per share in the prior year. This increase in net earnings compared to prior year was primarily due to units closings during the year ended January 31, 2022 as well as the recognition of mark-to-market losses in respect of interest rate swap contracts in the prior year. 

The Company's hotel operations continue to be negatively impacted by the global health pandemic resulting in lower occupancy and room rates. While the duration and magnitude of the impact on operations is not known, we do not anticipate a significant recovery until the summer of 2022 at the earliest. 

Revenue and income from the rental apartment operations remain stable and revenues from the development operations increased significantly from 2021 due to the sale of 130 condominium units during the year ended January 31, 2022. 

			Three months ended January 31				Year ended January 31
Statements of Earnings			2022		2021		2022		2021
	Total revenue and other income		$	29,566,882	$	108,169,328	$	241,546,354	$	192,275,230
	Net earnings (loss) attributable to shareholders of the Company		$	729,736	$	6,042,742		14,614,710		544,293
	Earnings (loss) per share (diluted and non-diluted)		$	0.03	$	0.18	$	0.45	$	0.02
Statements of Financial Position							January 31, 2022		January 31, 2021
	Total assets						$	874,063,426	$	973,493,565
	Total non-current liabilities						$	277,821,380	$	260,243,086
	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 rental apartments, development and construction of residential housing for resale, and the development and management of hotel properties. 

SOURCE Wall Financial Corporation

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