VANCOUVER, Dec. 13, 2016 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the nine months ended October 31, 2016. The Company recorded net earnings attributable to shareholders of the Company for the period ended October 31, 2016 of $19,475,901 or $0.57 per share (October 31, 2015 – $7,480,281 or $0.23 per share).    

At October 31, 2016, earnings before interest, income tax, and depreciation and amortization (EBITDA)¹, and net earnings attributable to non-controlling interest were $50,579,758 (October 31, 2015 – $18,941,201).

Higher average daily rates achieved at the hotels resulted in revenues of $52,474,139 from hotel operations for the nine months ended October 31, 2016 compared with revenues of $48,044,938 for the nine months ended October 31, 2015.  Revenues from the Company's rental properties for the period ended October 31, 2016 of $12,283,020 were higher than revenues for the comparative period in the prior year of $9,001,525 due to the higher rents achieved at renovated properties and due to the fully leased operations at the newly constructed 213-unit Shannon rental apartments. Revenue from development operations increased from $4,042,158 for the nine months ended October 31, 2015 to $181,277,933 for the nine months ended October 31, 2016 due mainly to the closing of all 170 units at the Binning project at the University of British Columbia.

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, 2016 and 2015.   

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.

SOURCE Wall Financial Corporation