Wall Financial Corporation (the “Company”) released its operating results and financial statements for the three months ended April 30, 2018.
The Company recorded a net loss attributable to shareholders of the Company for the three months ended April 30, 2018 of $502,181 or $0.01 per share compared with net earnings of $2,432,347 or $0.07 per share for the same period in the prior year.
For the quarter ended April 30, 2018, earnings before interest, income tax, and depreciation and amortization (EBITDA)1, and net earnings attributable to non-controlling interest were $7,944,611 (April 30, 2017 – $12,359,277).
Revenue from hotel operations of $15,862,239 and earnings2 of $2,266,610 for the three months ended April 30, 2018 were comparable with revenue of $16,021,583 and earnings2 of $3,088,150 from hotel operations for the same period in the prior year. Revenue from the Company’s rental properties for the three months ended April 30, 2018 were $7,473,782 compared with $4,765,138 for the same period in the prior year due to higher re-rental rates from the Company’s renovated units and the lease up of the Company’s recently completed 313 rental units. Revenue from development operations for the three months ended April 30, 2018 were nominal as there were no sales completing in the quarter while revenues for the three months ended April 30, 2017 were $92,949,967 due mainly to the closing of 280 units at the Company’s Central Park project.
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, 2018 and 2017.
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.