VANCOUVER, BC, June 14,
2023 /CNW/ - Wall Financial Corporation (the
"Company") released its operating results and financial statements
for the three months ended April 30,
2023. The Company recorded net earnings and
comprehensive income attributable to shareholders of the Company
for the three months ended April 30,
2023 of $2,730,741 or
$0.08 per share compared to
$29,999,525 or $0.92 per share in the prior period. This
decrease in net earnings compared to prior year was primarily due
to the sale of an investment property in the prior period.
Revenue and income from the rental apartment operations
increased due to acquisitions of investment properties in the prior
year, a decrease in vacancy rates, and increased rents on tenant
turnover. Revenues and earnings from the Company's hotels
increased due to higher occupancy and average daily rates. Revenues
from the Company's development operations decreased due to the
closing of 9 condominium units in the prior period.
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Three months ended
April 30
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Statements of
Earnings
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2023
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2022
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Total revenue and other
income
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$ 32,497,290
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$ 32,908,465
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Net earnings
attributable to shareholders of the Company
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2,730,741
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29,999,525
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Earnings per share
(diluted and non-diluted)
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0.08
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0.92
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Statements of Financial
Position
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April 30,
2023
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January 31,
2023
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Total assets
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$
873,957,817
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$
874,728,957
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Total non-current
liabilities
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340,920,198
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351,635,100
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Dividends
paid
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97,360,095
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-
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Dividends paid per
share
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3.00
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-
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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, 2023 and 2022.
Wall Financial Corporation is a B.C. based real estate company
active in the development and management of residential and
commercial rental units, 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