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Wall Financial Corporation - News Release

VANCOUVER, Dec. 12, 2012 /CNW/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the nine months ended October 31, 2012.  The Company recorded net earnings and comprehensive income attributable to owners of the Company for the nine months ended October 31, 2012 of $11,096,396 or $0.34 per share (October 31, 2011 - $26,800,238 or $0.81 per share).

As at October 31, 2012, earnings before interest, income tax, and depreciation and amortization (EBITDA), and net earnings attributable to non-controlling interest were $22,311,146 (October 31, 2011 - $79,905,133).

Revenue from hotel operations was $40,767,704 for the nine months ended October 31, 2012 compared to $42,240,019 in the same period of the prior year.  This decrease was primarily due to the sale of the Comfort Inn hotel on May 31, 2011. Rental revenues decreased from $12,027,800 as at October 31, 2011 to $11,108,521 for the nine months ended October 31, 2012 due to the decrease in the Company's portfolio of rental properties. Revenue from real estate sales decreased from $207,047,646 for the nine months ended October 31, 2011 to $9,030,490 for the nine months ended October 31, 2012 as there were no projects completing in the first 9 months of this year.

      October 31, 2012     October 31, 2011
Revenue and other income   $ 66,991,306   $ 266,466,469
Net earnings and comprehensive income attributable to
owners of the Company
    11,096,396     26,800,238
Net earnings per share     0.34     0.81
             
Total assets   $ 517,309,502   $ 408,319,435

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 year ended January 31, 2012.

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

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