VANCOUVER, BC, April 14, 2022 /CNW/ - Wall Financial Corporation
(the "Company") released its operating results and financial
statements for the year ended January 31,
2022. The Company recorded net earnings and comprehensive
income attributable to shareholders of the Company for the year
ended January 31, 2022 of
$14,614,710 or $0.45 per share compared to $544,293 or $0.02
per share in the prior year. This increase in net earnings compared
to prior year was primarily due to units closings during the year
ended January 31, 2022 as well as the
recognition of mark-to-market losses in respect of interest rate
swap contracts in the prior year.
The Company's hotel operations continue to be negatively
impacted by the global health pandemic resulting in lower occupancy
and room rates. While the duration and magnitude of the impact on
operations is not known, we do not anticipate a significant
recovery until the summer of 2022 at the earliest.
Revenue and income from the rental apartment operations remain
stable and revenues from the development operations increased
significantly from 2021 due to the sale of 130 condominium units
during the year ended January 31,
2022.
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Three months ended
January 31
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Year ended January
31
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Statements of
Earnings
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2022
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2021
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2022
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2021
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Total revenue and other
income
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$
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29,566,882
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$
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108,169,328
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$
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241,546,354
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$
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192,275,230
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Net earnings (loss)
attributable to shareholders of the Company
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$
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729,736
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$
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6,042,742
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14,614,710
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544,293
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Earnings (loss) per
share (diluted and non-diluted)
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$
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0.03
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$
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0.18
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$
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0.45
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$
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0.02
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Statements of
Financial Position
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January 31,
2022
|
January 31,
2021
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Total assets
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$
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874,063,426
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$
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973,493,565
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Total non-current
liabilities
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|
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$
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277,821,380
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$
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260,243,086
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Dividends
paid
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|
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$
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-
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$
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-
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Dividends paid per
share
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|
|
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$
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-
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$
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-
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|
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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, 2022 and 2021.
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