07:48:29 EDT Fri 23 Aug 2019
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Wall Financial Corp
Symbol C : WFC
Shares Issued 33,953,365
Close 2019-04-18 C$ 23.50
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Wall Financial earns $54.98-million in fiscal 2019

2019-04-19 02:31 ET - News Release

Mr. Bruno Wall reports


Wall Financial Corp. has released its operating results and financial statements for the year ended Jan. 31, 2019. The Company recorded net earnings attributable to shareholders of the Company for the year ended January 31, 2019 of $54,982,639 or $1.62 per share compared with net earnings of $12,426,057 or $0.37 per share for the prior year.

Continued growth in average daily rates at the hotels resulted in increased revenue from hotel operations of $85,112,657 for the year ended January 31, 2019 compared with revenue of $76,210,250 for the prior year. Revenues from the Company's rental properties for the year ended January 31, 2019 were $32,570,404 compared with $21,342,349 for the prior year due to higher re-rental rates from the Company's renovated units and the lease up of the Company's two recently constructed rental properties consisting of 313 rental units in aggregate. Revenue from development operations for the year ended January 31, 2019 of $334,533,585 was higher than the prior year of $198,161,538 due to more closings of condominium units.

                                                   Three months ended Jan. 31,             Year ended Jan. 31,
Revenue and earnings                                     2019            2018            2019            2018

Total revenue and other income                   $138,026,267     $20,759,915    $453,880,434    $295,936,507
Net earnings attributable to
shareholders of the Company                        37,115,648     (1,479,761)      54,982,639      12,426,057
Earnings per share (diluted and non-diluted)             1.09          (0.04)            1.62            0.37

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, 2019 and 2018.

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.

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