VANCOUVER, BC, Dec. 14,
2023 /CNW/ - Wall Financial Corporation (the
"Company") released its operating results and financial statements
for the nine months ended October 31,
2023. The Company recorded net earnings and
comprehensive income attributable to shareholders of the Company
for the nine months ended October 31,
2023 of $21,681,844 or
$0.67 per share compared to
$46,546,834 or $1.43 per share in the prior period. This
decrease in net earnings compared to prior year was primarily due
to a gain on sale of investment property in the prior period of
$30,340,556 offset by an overall
increase in earnings from operations.
Wall Financial Corporation announces Q3
2024 fiscal results
Revenue and income from the rental apartment operations
increased due to acquisitions of investment properties in the prior
year, a decrease in vacancy rates, and increased rents on tenant
turnover. Revenues and earnings from the Company's hotels
increased due to higher occupancy and average daily rates. Revenues
from the Company's development operations decreased due to the
closing of condominium units in the prior period.
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Three months ended
October 31
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Nine months ended
October 31
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Statements of
Earnings
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2023
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2022
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2023
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2022
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Total revenue and other
income
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$
45,659,404
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$
39,879,077
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$
123,175,690
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$
113,806,249
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Net earnings
attributable to shareholders of the Company
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9,773,021
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7,233,196
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21,681,844
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46,546,834
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Earnings per share
(diluted and non-diluted)
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0.30
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0.22
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0.67
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1.43
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Statements of
Financial Position
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October 31,
2023
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January 31,
2023
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Total assets
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$
893,640,128
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$
874,728,957
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Total non-current
liabilities
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346,916,828
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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.
SOURCE Wall Financial Corporation
