Jun. 23, 2011 (Canada NewsWire Group) --
VANCOUVER, June 23, 2011 /CNW/ - Wall Financial Corporation (the
"Company") released today its operating results and financial
statements for the three months ended April 30, 2011. The Company
recorded net earnings and comprehensive income attributable to owners
of the Company for the first quarter of $16,392,584 or $0.50 per share
(April 30, 2010 - $10,563,224 or $0.32 per share).
As at April 30, 2011, earnings before interest, income tax, and
depreciation and amortization (EBITDA), and net earnings attributable
to non-controlling interest were $57,361,301 (April 30, 2010 -
$20,112,616).
Revenue from real estate operations increased from $66,324,777 in the
first quarter of the prior year to $186,473,472 in the first quarter of
fiscal 2012, predominantly due to the closing of 343 condominium units
at the Capitol Residences development in the first quarter of fiscal
2012. Revenue from hotel operations was $11,548,179 for the three
months ended April 30, 2011 compared to $16,026,723 in the same period
of the prior year. This decrease was primarily due to stimulus received
in the prior year from the Vancouver Winter Olympics, which resulted in
higher occupancy and average daily room rates in the first quarter of
the prior year. Rental property operating revenues remain stable with
$4,044,280 recorded in revenue for the three months ended April 30,
2011 compared with $4,729,188 in the same period of the prior year.
| April 30, 2011 | April 30, 2010 | |||||||
| Revenue and other income | $ | 202,096,586 | $ | 87,433,972 | ||||
|
Net earnings and comprehensive income attributable to owners of the Company |
16,392,584 | 10,563,224 | ||||||
| Net earnings per share | 0.50 | 0.32 | ||||||
| Total assets | $ | 387,274,474 | $ | 495,695,611 |
The above unaudited financial information, including comparative
information, is expressed in Canadian dollars and has been prepared in
accordance with International Financial Reporting Standards ("IFRS"),
using the same accounting policies and methods of application as
described in note 2 of the Company's unaudited condensed consolidated
interim financial statements for the period ended April 30, 2011.
Details regarding the adoption of IFRS can be found in note 13 of these
financial statements of the Company.
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.
Bruno Wall, President, WALL FINANCIAL CORPORATION (TSX: WFC), 3502 - 1088 Burrard Street, Vancouver, British Columbia V6Z 2R9, (604) 893-7131.