VANCOUVER, Sept. 11 /CNW/ - Wall Financial Corporation (the "Company")
released today its operating results and financial statements for the six
months ended July 31, 2009 and 2008. The Company recorded net earnings of
$8,793,502 or $0.27 per share (July 2008 - $6,657,218 or $0.21 per share).
At July 31, 2009, the Company recorded earnings before interest, income
tax, and depreciation and amortization (EBITDA), and non-controlling interest
of $20,311,308 (July 2008 - $13,497,637).
Revenue and earnings are higher for the first half of this fiscal year
primarily due to the increased number of condominium sales completed compared
to the same period last year. Hotel revenues are significantly lower at
$22,824,480 year-to-date (July 2008 - $30,598,294) due to lower occupancy and
reduced room rates in the Company's combined hotel operations. At July 31,
2009, rental operating revenues increased by $1,713,657 as 124 rental units
were added during the third quarter of fiscal 2009 and rental rates increased
by approximately 4.0%.
The above financial information is expressed in Canadian dollars and is
prepared in accordance with Canadian generally accepted accounting principles,
using the same accounting policies and methods of application as described in
note 3 of the Company's audited consolidated financial statements for the
years ended January 31, 2009 and 2008.
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.
For further information:
For further information: Bruno Wall, President, WALL FINANCIAL
CORPORATION (TSX: WFC), 3502 - 1088 Burrard Street, Vancouver, British
Columbia, V6Z 2R9, (604) 893-7131