VANCOUVER, BC, Dec. 14, 2021 /CNW/ - Wall Financial
Corporation (the "Company") released its operating results and
financial statements for the nine months ended October 31, 2021. The Company recorded net
earnings and comprehensive income attributable to shareholders of
the Company for the nine months ended October 31, 2021 of $13,884,974 or $0.42 per share compared with a net loss of
$5,498,449 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 to units closings during the nine months ended
October 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 period 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 afrom the rental apartment operations remain
stable and revenues from the development operations increased
significantly from 2020 due to the sale of 120 condominium units
during the nine months ended October
31, 2021.
|
|
Three months ended
October 31
|
Nine months ended
October 31
|
Statements of
Earnings
|
2021
|
2020
|
2021
|
2020
|
|
Total revenue and
other income
|
$
|
30,322,631
|
$
|
20,335,199
|
$
|
212,235,577
|
$
|
84,105,902
|
|
Net earnings (loss)
attributable to shareholders of the Company
|
$
|
1,710,422
|
$
|
(115,570)
|
13,884,974
|
(5,498,449)
|
|
Earnings (loss) per
share (diluted and non-diluted)
|
$
|
0.05
|
$
|
(0.00)
|
$
|
0.42
|
$
|
(0.16)
|
|
|
|
|
|
|
Statements of
Financial Position
|
October 31,
2021
|
January 31,
2021
|
|
Total
assets
|
|
|
$
|
880,595,113
|
$
|
973,493,565
|
|
Total non-current
liabilities
|
|
|
$
|
278,909,028
|
$
|
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. For further information, contact Bruno Wall, President, WALL FINANCIAL
CORPORATION (TSX: WFC), 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9,
604.893.7131.
SOURCE Wall Financial Corporation