VANCOUVER, Sept. 13, 2018 /CNW/ - Wall Financial
Corporation (the "Company") released its operating results and financial statements for the six months ended July 31, 2018. The Company recorded net earnings attributable to shareholders of the Company for the six
months ended July 31, 2018 of $8,484,710 or $0.25 per share compared with net earnings of $9,286,084 or $0.27 per share for the same period in the prior year.
For the six months ended July 31, 2018, earnings before interest, income tax, and depreciation
and amortization (EBITDA)1, and net earnings attributable to non-controlling interest were $39,702,937 (July 31, 2017 – $30,346,347).
Continued strength in achieving high average daily rates at the hotels resulted in increased revenue from hotel operations of
$43,077,798 and earnings2 of $13,216,701 for
the six months ended July 31, 2018 compared with revenue of $39,108,398 and earnings2 of $11,432,821 for the same period in the
prior year. Revenue from the Company's rental properties for the six months ended July 31,
2018 were $15,640,157 compared with $9,830,346 for the same
period in the prior year due to higher re-rental rates from the Company's renovated units and the lease up of the Company's two
recently constructed rental properties consisting of 313 rental units in aggregate. Revenue from development operations for the
six months ended July 31, 2018 of $219,081,973 was comparable with
the six months ended July 31, 2017 of $197,624,534.
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Three months ended July 31
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Six months ended July 31
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Revenue and earnings
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2018
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2017
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2018
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2017
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Total revenue and other income
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$
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254,428,064
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$
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132,875,815
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$
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278,046,833
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$
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246,677,386
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Net earnings (loss) attributable to shareholders of the Company
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8,986,891
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6,853,737
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8,484,710
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9,286,084
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Earnings (loss) per share (diluted and non-diluted)
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$
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0.26
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$
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0.20
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$
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0.25
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$
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0.27
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Balance sheet
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July 31, 2018
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January 31, 2018
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Total assets
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$
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1,251,490,382
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$
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1,316,007,993
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Total non-current liabilities
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$
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338,946,108
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$
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231,548,633
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Dividends paid
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$
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-
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$
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16,976,683
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Dividends paid per share
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$
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-
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$
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0.50
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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, 2018 and 2017.
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.
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2 Earnings or loss referenced herein pertains to earnings or
loss before income tax.
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SOURCE Wall Financial Corporation
View original content: http://www.newswire.ca/en/releases/archive/September2018/13/c7944.html