Wall Financial Corporation Reports Fiscal 2020 Year End 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 Reports Fiscal 2020 Year End Results

Canada NewsWire

VANCOUVER, April 23, 2020 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the year ended January 31, 2020. The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the year ended January 31, 2020 of $122,456,489 or $3.61 per share compared with net earnings of $54,982,639 or $1.62 per share for the prior year.    

Continued growth in average daily rates at the hotels resulted in revenue from hotel operations of $91,752,872 for the year ended January 31, 2020 compared with revenue of $85,112,657 for the prior year.  Revenues from the Company's rental properties for the year ended January 31, 2020 were $34,557,137 compared with $32,570,404 for the prior year due to higher re-rental rates.  Revenue from development operations for the year ended January 31, 2020 of $348,290,518 was higher than the prior year of $334,533,585 due to closings of condominium units with higher sales prices in the current year.








Three months ended January 31


Year ended January 31

Revenue and earnings

2020

2019


2020

2019


Total revenue and other income

$

32,115,807

$

138,026,267


$

478,385,362

$

453,880,434


Net earnings attributable to shareholders of the Company

$

5,635,038

$

37,115,648


$

122,456,489

$

54,982,639


Earnings per share

$

0.17

$

1.09


$

3.61

$

1.62


















Balance sheet

January 31, 2020

January 31, 2019







Total assets

$

1,051,671,420

$

1,244,788,463







Total non-current liabilities

276,156,368

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, 2020 and 2019.   

The declaration of the COVID-19 virus as a pandemic by the World Health Organization on March 11, 2020, and the subsequent shut downs globally, domestically and locally have had a significant impact on the Company's businesses, and in particular on the hotel operations. The Company enacted cost reduction programs at its two hotels, which include the closure of one of the two towers at its downtown hotel, the furlough of all non-essential staff, and the elimination of all but the most necessary expenses in order to preserve cash flow.  The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and the Company's business are not known at this time however the Company expects to see a material decline in operating results for its hotel operations.

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/April2020/23/c2523.html

Copyright CNW Group 2020

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).