VANCOUVER, BC, April 26, 2024 /CNW/ - Wall Financial Corporation (TSX: WFC) (the "Company") released its operating results and financial statements for the three months and year  ended January 31, 2024.  The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the year ended January 31, 2024 of $22,233,339 or $0.69 per share compared to $48,206,620 or $1.49 per share in the prior period.  This decrease in net earnings compared to the prior year was primarily due to a gain on the sale of an investment property in the prior year of $30,340,556 offset by an overall increase in earnings from operations in the current year.

Revenue and income from the rental apartment operations increased due to acquisitions of investment properties in the prior year, a decrease in vacancy rates, and increased rents on tenant turnover.  Revenues and earnings from the Company's hotels increased due to higher occupancy and average daily rates. Revenues from the Company's development operations decreased due to fewer condominium sales

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, 2024 and 2023.   

Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential and commercial rental units, development and construction of residential housing for resale, and the development and management of hotel properties.

SOURCE Wall Financial Corporation

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