VANCOUVER, BC, Sept. 14, 2021 /CNW/ - Wall Financial Corporation
(the "Company") released its operating results and financial
statements for the six months ended July 31,
2021. The Company recorded net earnings and
comprehensive income attributable to shareholders of the Company
for the six months ended July 31,
2021 of $12,174,552 or
$0.37 per share compared with a net
loss of $5,382,879 or $0.16 per share for the same period in the prior
year. This increase in net earnings compared to prior year
was primarily due units closings in the six months ending
July 31, 2021 as well as the
recognition of mark-to-market losses in respect of interest rate
swap contracts in the same period in the perior year.
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 111 condominium units
during the six months ended July 31,
2021.
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