Wall Financial Corp.’s (TSX:WFC) second quarter revenue soared 711% to more than $188 million thanks to closing sales for residential units at the real estate developer’s Binning Tower project at the University of British Columbia (UBC), the company announced September 13.
Revenue in the same quarter in 2015 was less than $23.2 million.
Wall Financial closed sales for 167 units in the 22-storey, 217-unit Binning Tower, which is in UBC's Westbrook Village neighbourhood, in the first half of 2016. Those sales in the sold-out tower sent revenue during the first half of the year up to $209.9 million, up from $39.3 million in the same six months of 2016.
Wall Financial is known for developments such as the Wall Centre in downtown Vancouver, the Wall Centre Richmond, Yaletown Park, Capitol Residences and many more projects.
Profit soared to $21.9 million in the first half of the year, up from just over $4 million in the same six months a year ago. Profit in the quarter that ended July 30 rose to almost $21.5 million, up from less than $4 million in the same quarter a year ago.
In addition to development, Wall Financial also generates revenue from residential rentals and hotels.
Revenue in each of its segments increased in the quarter. The company’s rental revenue increased to almost $7.7 million, up from more than $6.1 million in the same quarter a year ago. Hotel revenue increased to $31.7 million, up from $29.8 million a year ago.
Investors were not particularly impressed, however, as the company’s shares fell 3.72% to $14.25 during trading on the TSX on September 14.
