Wall Financial's earnings drop 18%

Real estate firm Wall Financial announced on Wednesday its earnings before interest, income tax, and depreciation and amortization (EBITDA) for the nine months ending 31 October stood at $41.44m. This includes net earnings attributable to non-controlling interest.

The figure represents an 18% drop from the comparable $50.58m over the same period last year. But as a whole, total revenue and other income from February to October 2017 stood at $275.17m, which is about 8.88% higher than $252.73m the previous year.

The B.C.-based firm is 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.

Revenues from the company's rental properties were $15.17m compared with $12.28m, due to higher re-rental rates from the its renovated units and the commencement of lease up of the the firm's recently completed 313 rental units.

Meanwhile, revenue from development operations increased from $181.28m in the three quarters of fiscal 2017 to $197.93m for the nine months through October, due mainly to the closing this year of 728 units at its development project.

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