Wall Financial Corporation Announces Q2 Fiscal 2022 Results

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Wall Financial Corporation Announces Q2 Fiscal 2022 Results

Canada NewsWire

VANCOUVER, BC, Sept. 14, 2021 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the six months ended July 31, 2021.  The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the six months ended July 31, 2021 of $12,174,552 or $0.37 per share compared with a net loss of $5,382,879 or $0.16 per share for the same period in the prior year.  This increase in net earnings compared to prior year was primarily due units closings in the six months ending July 31, 2021 as well as the recognition of mark-to-market losses in respect of interest rate swap contracts in the same period in the perior year. 

The Company's hotel operations continue to be negatively impacted by the global health pandemic resulting in a very low occupancy rates and lower daily room rates.  While the duration and magnitude of the impact on operations is not known, we do not anticipate a significant recovery until early 2022 at the earliest. 

Revenue and income afrom the rental apartment operations remain stable and revenues from the development operations increased significantly from 2020 due to the sale of 111 condominium units during the six months ended July 31, 2021.  

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, 2021 and 2020.   

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

Cision View original content: http://www.newswire.ca/en/releases/archive/September2021/14/c5503.html

Copyright CNW Group 2021

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).