VANCOUVER, April 24, 2012 /PRNewswire/ - Wall Financial Corporation (the "Company") released today its operating results and financial statements for the year ended January 31, 2012. The Company recorded net earnings and comprehensive income attributable to owners of the Company for fiscal 2012 of $24,660,303 or $0.74 per share (January 31, 2011 - $29,703,372 or $0.90 per share).
As at January 31, 2012, earnings before interest, income tax, and depreciation and amortization (EBITDA), and net earnings attributable to non-controlling interest were $78,568,351 (January 31, 2011 - $54,680,880).
Revenue from real estate development operations increased from $128,871,671 for the prior year to $208,124,453 for fiscal 2012, predominantly due to the closing of 370 units at the Capitol Residences development in fiscal 2012. Revenue from hotel operations was $51,457,204 for the year ended January 31, 2012 compared to $57,698,893 in the prior year. This decrease was primarily due to the sale of the Comfort Inn hotel on May 31, 2011 and the stimulus received in the prior year from the Vancouver Winter Olympics, which resulted in higher occupancy and average daily room rates in the prior year. Rental property operating revenues decreased from $17,268,264 as at January 31, 2011 to $15,942,267 for the year ended January 31, 2012 primarily due to the sale of two rental properties in May and June 2010.
|January 31, 2012||January 31, 2011|
|Revenue and other income||$||280,694,573||$||212,981,239|
|Net earnings and comprehensive income attributable to|
|owners of the Company||24,660,303||29,703,372|
|Net earnings per share||0.74||0.90|
The above audited 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 3 of the Company's audited consolidated financial statements for the year ended January 31, 2012. Details regarding the adoption of IFRS can be found in note 20 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.
SOURCE Wall Financial Corporation