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Wall Financial Reports Slightly Higher Q4 Earnings Even As Revenues Fall

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-- Wall Financial (WFC.TO), a B.C. based real estate company, reported slightly higher earnings in the fourth quarter even as revenues declined, it said Friday.

For the three months ended Jan. 31, the company recorded net earnings and comprehensive income attributable of $3.044 million or $0.10 per share compared to $3.016 million or $0.09 per share, a year earlier.

Total revenue decreased to $36.1 million in the quarter versus $43.4 million, a year-ago.

WFC said revenue and income from the rental apartment operations decreased compared to the prior year due a commercial tenant vacating the building in the prior year on the commencement of demolition and excavation for a new building. Earnings from the company's hotels increased due to lower operating costs. Revenues and earnings from development operations decreased due to fewer condominium unit sales in the current period.

Shares of the company closed up 0.1% to $16 on Friday on the Toronto Stock Exchange.

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