VANCOUVER, Sept. 12, 2019 /CNW/ - Wall Financial
Corporation (the "Company") released its operating results and
financial statements for the six months ended July 31, 2019. The Company recorded net
earnings attributable to shareholders of the Company for the six
months ended July 31, 2019 of
$107,760,292 or $3.17 per share compared with net earnings of
$8,484,710 or $0.25 per share for the six months ended
July 31, 2018.
Continued growth in average daily rates at the hotels resulted
in increased revenue from hotel operations of $45,806,183 for the six months ended July 31, 2019 compared with revenue of
$43,077,798 for the same period in
the prior year. Revenues from the Company's rental properties
for the six months ended July 31,
2019 were $16,907,327 compared
with $15,640,157 for the six months
of the prior year due to higher re-rental rates. Revenue from
development operations for the six months ended July 31, 2019 of $327,731,451 was higher than the same period of
the prior year of $219,081,973 due to
267 closings of condominium units with higher sales prices in the
current year.
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Three months ended
July 31
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Six months ended
July 31
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Revenue and
earnings
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2019
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2018
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2019
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2018
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Total revenue and
other income
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$
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142,321,293
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$
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254,443,384
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$
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393,659,642
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$
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278,062,153
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Net earnings
attributable to shareholders of the Company
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34,097,525
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8,986,890
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107,760,292
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8,484,710
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Earnings per share
(diluted and non-diluted)
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$
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1.00
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$
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0.26
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$
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3.17
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$
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0.25
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Balance
sheet
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July 31,
2019
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January 31,
2019
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Total
assets
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$
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1,034,986,715
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$
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1,244,788,463
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Total non-current
liabilities
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$
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265,097,257
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$
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313,429,192
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Dividends
paid
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$
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67,906,730
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$
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33,953,365
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Dividends paid per
share
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$
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2.00
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$
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1.00
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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, 2019 and 2018.
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