Wall Financial Corporation - Press Release of F'20 Q2 Results

VANCOUVER, Sept. 12, 2019 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the six months ended July 31, 2019.  The Company recorded net earnings attributable to shareholders of the Company for the six months ended July 31, 2019 of $107,760,292 or $3.17 per share compared with net earnings of $8,484,710 or $0.25 per share for the six months ended July 31, 2018.    

Continued growth in average daily rates at the hotels resulted in increased revenue from hotel operations of $45,806,183 for the six months ended July 31, 2019 compared with revenue of $43,077,798 for the same period in the prior year.  Revenues from the Company's rental properties for the six months ended July 31, 2019 were $16,907,327 compared with $15,640,157 for the six months of the prior year due to higher re-rental rates.  Revenue from development operations for the six months ended July 31, 2019 of $327,731,451 was higher than the same period of the prior year of $219,081,973 due to 267 closings of condominium units with higher sales prices in the current year. 

		Three months ended July 31				Six months ended July 31
Revenue and earnings		2019		2018		2019		2018
	Total revenue and other income	$	142,321,293	$	254,443,384	$	393,659,642	$	278,062,153
	Net earnings attributable to shareholders of the Company	34,097,525		8,986,890		107,760,292		8,484,710
	Earnings per share (diluted and non-diluted)	$	1.00	$	0.26	$	3.17	$	0.25
Balance sheet						July 31, 2019		January 31, 2019
	Total assets					$	1,034,986,715	$	1,244,788,463
	Total non-current liabilities					$	265,097,257	$	313,429,192
	Dividends paid					$	67,906,730	$	33,953,365
	Dividends paid per share					$	2.00	$	1.00

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, 2019 and 2018.

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

For further information: contact Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9, 604.893.7131