VANCOUVER, BC, June 14, 2021 /CNW/ - Wall Financial
Corporation (the "Company") released its operating results and
financial statements for the quarter ended April 30, 2021. The Company recorded net
earnings and comprehensive income attributable to shareholders of
the Company for the quarter ended April 30,
2021 of $6,331,468 or
$0.19 per share compared with net
loss of $3,876,686 or $0.11 per share for the prior year quarter.
This increase in net earnings compared to prior year was
primarily due units closings in the three month period ending
April 30, 2021 as well as the
recognition of mark-to-market losses in respect of interest rate
swap contracts in the three month period ending April 30, 2020.
The Company's hotel operations continue to be negatively
impacted by the global health pandemic resulting in a very low
occupancy rates and lower daily room rates. While the
duration and magnitude of the impact on operations is not known, we
do not anticipate a significant recovery until early 2022 at the
earliest.
Revenue and income afrom the rental apartment operations remain
stable and revenues from the development operations increased
significantly from 2020 due to the sale of 81 condominium units in
this quarter.
|
|
Three months ended
April 30
|
|
Revenue and
earnings
|
2021
|
2020
|
|
Total revenue and
other income
|
$
|
117,277,126
|
$
|
38,745,252
|
|
Net earnings (loss)
attributable to shareholders of the Company
|
$
|
6,331,468
|
$
|
(3,876,686)
|
|
Earnings (loss) per
share (diluted and non-diluted)
|
$
|
0.19
|
$
|
(0.11)
|
|
|
|
|
|
Statements of
Financial Position
|
April 30,
2021
|
January 31,
2021
|
|
Total
assets
|
$
|
878,989,468
|
$
|
973,493,565
|
|
Total non-current
liabilities
|
$
|
285,115,616
|
$
|
260,243,086
|
|
Dividends
paid
|
$
|
-
|
$
|
-
|
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