Grandfield Pacific Inc. Releases Third Quarter Financial Results

YELLOWKNIFE, March 26, 2014 /CNW/ - Grandfield Pacific Inc. today released the financial results for the third quarter ended January 31, 2014.

For the three months ended January 31, 2014

Net income before income tax for the three-month period ended January 31, 2014, was a loss of $12,076 as compared to a loss for the same quarter ending in 2013 of $11,123

For the nine months ended January 31, 2014

Net income before income tax for the nine-month period ended January 31, 2014, was a loss of $50,666 as compared to a loss for the same period ended in 2013 of $40,560.  The increase in loss is a result of a reversal of GST/HST input tax credits previously allowed of approximately $8,000 and an increase in travel costs.  The disallowed GST/HST input tax credits are a result of Regency no longer eligible for these tax credits since it does not have an active business.

       
    For the three months ending:
Summary of Financial information    Notes 31Jan-14 31-Jan-13
    $ $
Total revenue   1 2,738 2,856
       
Net (loss) income   (12,076) (11,123)
Basic/ diluted loss per share                 (0.00)/(0.00)               (0.01)/(0.01)
       

       
    For the nine months ending:
Summary of Financial information    Notes 31Jan-14 31-Jan-13
    $ $
Total revenue   1 8,424 8,817
       
Net (loss) income   (50,185) (31,282)
Basic/ diluted loss per share                 (0.01)/(0.01)               (0.01)/(0.01)
       

Notes:

  1. Includes interest and other income

Additional information of the financial results of the Company is filed on System for Electronic Document Analysis and Retrieval ("SEDAR") and can be accessed electronically at www.sedar.com.

Grandfield Pacific Inc., through its operating subsidiaries, maintains ownership interests in and operates a hotel in Canada.  The Company's offices are based in Yellowknife, Northwest Territories, Vancouver, British Columbia and Hong Kong.  

SOURCE Grandfield Pacific Inc.

For further information:

Sam Mark, President and Chief Executive Officer
Email:  grandfieldvan@hotmail.com