VANCOUVER, April 23, 2020 /CNW/ - Wall Financial Corporation
(the "Company") released its operating results and financial
statements for the year ended January
31, 2020. The Company recorded net earnings and
comprehensive income attributable to shareholders of the Company
for the year ended January 31, 2020
of $122,456,489 or $3.61 per share compared with net earnings of
$54,982,639 or $1.62 per share for the prior year.
Continued growth in average daily rates at the hotels resulted
in revenue from hotel operations of $91,752,872 for the year ended January 31, 2020 compared with revenue of
$85,112,657 for the prior year.
Revenues from the Company's rental properties for the year
ended January 31, 2020 were
$34,557,137 compared with
$32,570,404 for the prior year due to
higher re-rental rates. Revenue from development operations
for the year ended January 31, 2020
of $348,290,518 was higher than the
prior year of $334,533,585 due to
closings of condominium units with higher sales prices in the
current year.
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Three months ended
January 31
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Year ended January
31
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Revenue and
earnings
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2020
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2019
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2020
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2019
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Total revenue and
other income
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$
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32,115,807
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$
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138,026,267
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$
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478,385,362
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$
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453,880,434
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Net earnings
attributable to shareholders of the Company
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$
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5,635,038
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$
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37,115,648
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$
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122,456,489
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$
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54,982,639
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Earnings per
share
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$
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0.17
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$
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1.09
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$
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3.61
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$
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1.62
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Balance
sheet
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January 31,
2020
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January 31,
2019
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Total
assets
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$
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1,051,671,420
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$
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1,244,788,463
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Total non-current
liabilities
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276,156,368
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313,429,192
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Dividends
paid
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67,906,730
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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, 2020 and 2019.
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
businesses, and in particular on the 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 are not known
at this time however the Company expects to see a material decline
in operating results for its hotel operations.
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