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Wall Financial Corporation Announces Q2 Fiscal 2022 Results

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VANCOUVER, BC, Sept. 14, 2021 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the six months ended July 31, 2021. The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the six months ended July 31, 2021 of $12,174,552 or $0.37 per share compared with a net loss of $5,382,879 or $0.16 per share for the same period in the prior year. This increase in net earnings compared to prior year was primarily due units closings in the six months ending July 31, 2021 as well as the recognition of mark-to-market losses in respect of interest rate swap contracts in the same period in the perior year.

The Company's hotel operations continue to be negatively impacted by the global health pandemic resulting in a very low occupancy rates and lower daily room rates. While the duration and magnitude of the impact on operations is not known, we do not anticipate a significant recovery until early 2022 at the earliest.

Revenue and income afrom the rental apartment operations remain stable and revenues from the development operations increased significantly from 2020 due to the sale of 111 condominium units during the six months ended July 31, 2021.

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, 2021 and 2020.

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

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View original content: http://www.newswire.ca/en/releases/archive/September2021/14/c5503.html

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