VANCOUVER, BC, April 22, 2021 /CNW/ - Wall Financial Corporation
(the "Company") released its operating results and financial
statements for the year ended January
31, 2021. The Company recorded net earnings and
comprehensive income attributable to shareholders of the Company
for the year ended January 31, 2021
of $544,293 or $0.02 per share compared with net earnings of
$122,456,489 or $3.61 per share for the prior year. This
decrease in net earnings compared to prior year was primarily due
to the decline in hotel revenues and the recognition of
mark-to-market losses in respect of interest rate swap
contracts.
The declaration of the COVID-19 virus as a pandemic by the World
Health Organization on March 11,
2020, and the subsequent shut downs globally, domestically
and locally have had a significant impact on the Company's hotel
operations. The Company enacted cost reduction programs at its two
hotels, which include the closure of one of the two towers at its
downtown hotel, the furlough of all non-essential staff, and the
elimination of all but the most necessary expenses in order to
preserve cash flow. The situation is dynamic and the ultimate
duration and magnitude of the impact on the economy and the
Company's business is not known at this time. For the year ended
January 31, 2021, the Company's hotel
operations have experienced a significant decline in current and
future guest bookings and occupancy levels are low, resulting in a
decrease of revenues from hotel operations from $91,752,872 for the year ended January 31, 2020 to $15,394,607 for the year ended January 31, 2021.
The COVID-19 pandemic did not have a significant impact to the
Company's rental operations. Revenues from the Company's rental
properties for the year ended January 31,
2021 were $35,023,993 compared
with $34,557,137 for the same period
in the prior year. Revenue from development operations for
the year ended January 31, 2021 of
$141,139,840 was lower than the prior
year of $348,290,518 due to fewer
closings of condominium units in the current year.
|
|
Three months ended
January 31
|
Year ended January
31
|
|
Revenue and
earnings
|
2021
|
2020
|
2021
|
2020
|
|
Total revenue and
other income
|
$
|
108,169,328
|
$
|
32,115,807
|
$
|
192,275,230
|
$
|
478,385,362
|
|
Net earnings (loss)
attributable to shareholders of the Company
|
$
|
6,042,742
|
$
|
3,461,842
|
$
|
544,293
|
$
|
122,456,489
|
|
Earnings (loss) per
share (diluted and non-diluted)
|
$
|
0.18
|
$
|
0.10
|
$
|
0.02
|
$
|
3.61
|
|
|
|
|
|
|
|
Statements of
Financial Position
|
|
|
January 31,
2021
|
January 31,
2020
|
|
Total
assets
|
|
|
$
|
973,493,565
|
$
|
1,051,671,420
|
|
Total non-current
liabilities
|
|
|
$
|
260,243,086
|
$
|
276,156,368
|
|
Dividends
paid
|
|
|
$
|
-
|
$
|
67,906,730
|
|
Dividends paid per
share
|
|
|
$
|
-
|
$
|
2.00
|
|
|
|
|
|
|
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, 2021 and 2020.
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