Dec. 14, 2018, VANCOUVER /CNW/ - Wall Financial Corporation
(the "Company") released its operating results and financial
statements for the nine months ended October
31, 2018. The Company recorded net earnings
attributable to shareholders of the Company for the nine months
ended October 31, 2018 of
$17,866,991 or $0.53 per share compared with net earnings of
$13,905,818 or $0.41 per share for the same period in the prior
year.
For the nine months ended October 31,
2018, earnings before interest, income tax, and depreciation
and amortization (EBITDA)1, and net earnings
attributable to non-controlling interest were $56,613,035 (October 31,
2017 – $41,438,341).
Continued growth in average daily rates at the hotels resulted
in increased revenue from hotel operations of $68,635,173 for the nine months ended
October 31, 2018 compared with
revenue of $61,908 365 for the same
period in the prior year. Revenues from the Company's rental
properties for the nine months ended October
31, 2018 were $24,697,740
compared with $15,169,614 for the
same period in 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 nine months ended October 31,
2018 of $221,582,038 was
higher than the nine months ended October
31, 2017 of $197,930,892 due
to more closings of condominium units.
|
|
Three months ended
October 31
|
Nine months ended
October 31
|
Revenue and
earnings
|
2018
|
2017
|
2018
|
2017
|
|
Total revenue and
other income
|
$
|
37,807,334
|
$
|
28,499,206
|
$
|
315,854,167
|
$
|
275,176,592
|
|
Net earnings
attributable to shareholders of the Company
|
$
|
5,970,960
|
$
|
4,619,734
|
$
|
17,866,991
|
$
|
13,905,818
|
|
Earnings per share
(diluted and non-diluted)
|
$
|
0.18
|
$
|
0.14
|
$
|
0.53
|
$
|
0.41
|
|
|
|
|
|
|
Balance
sheet
|
|
|
October 31,
2018
|
January 31,
2018
|
|
Total
assets
|
|
|
$
|
1,254,210,516
|
$
|
1,316,007,993
|
|
Total non-current
liabilities
|
|
|
$
|
300,727,803
|
$
|
231,548,633
|
|
Dividends
paid
|
|
|
$
|
33,953,365
|
$
|
16,976,683
|
|
Dividends paid per
share
|
|
|
$
|
1.00
|
$
|
0.50
|
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, 2018 and 2017.
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.
_____________________
1 EBITDA is a widely accepted
supplemental measure of financial performance but is not prescribed
by Canadian generally accepted accounting principles
("GAAP"). This non-GAAP financial measure does not have any
standardized meaning and therefore, may not be comparable to
similar measures presented by other companies.
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SOURCE Wall Financial Corporation