VANCOUVER,
April 24, 2012 /PRNewswire/ - Wall
Financial Corporation (the "Company") released today its operating
results and financial statements for the year ended January 31, 2012. The Company recorded net
earnings and comprehensive income attributable to owners of the
Company for fiscal 2012 of $24,660,303 or $0.74 per share (January
31, 2011 - $29,703,372 or
$0.90 per share).
As at January 31,
2012, earnings before interest, income tax, and depreciation
and amortization (EBITDA), and net earnings attributable to
non-controlling interest were $78,568,351 (January 31,
2011 - $54,680,880).
Revenue from real estate development operations
increased from $128,871,671 for the
prior year to $208,124,453 for fiscal
2012, predominantly due to the closing of 370 units at the Capitol
Residences development in fiscal 2012. Revenue from hotel
operations was $51,457,204 for the
year ended January 31, 2012 compared
to $57,698,893 in the prior
year. This decrease was primarily due to the sale of the
Comfort Inn hotel on May 31, 2011 and
the stimulus received in the prior year from the Vancouver Winter
Olympics, which resulted in higher occupancy and average daily room
rates in the prior year. Rental property operating revenues
decreased from $17,268,264 as at
January 31, 2011 to $15,942,267 for the year ended January 31, 2012 primarily due to the sale of two
rental properties in May and June
2010.
| |
|
January
31, 2012 |
|
|
|
January
31, 2011 |
| Revenue and other income |
$ |
280,694,573 |
|
|
$ |
212,981,239 |
| Net earnings and comprehensive income attributable to |
|
|
|
|
|
|
| owners of the Company |
|
24,660,303 |
|
|
|
29,703,372 |
| Net earnings per share |
|
0.74 |
|
|
|
0.90 |
| Total assets |
$ |
425,329,001 |
|
|
$ |
472,453,411 |
The above audited financial information, including
comparative information, is expressed in Canadian dollars and has
been prepared in accordance with International Financial Reporting
Standards ("IFRS"), using the same accounting policies and methods
of application as described in note 3 of the Company's audited
consolidated financial statements for the year ended January 31, 2012. Details regarding the
adoption of IFRS can be found in note 20 of these financial
statements of the Company.
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