Grandfield Pacific Inc. Releases First Quarter Financial Results

YELLOWKNIFE, Sept. 23, 2011 /CNW/ - Grandfield Pacific Inc. today released the financial results for the first quarter ended July 31, 2011.

For the three months ended July 31, 2011

Net income before income tax for the three-month period ended July 31, 2011, was a loss of $13,233 as compared to a loss for the same quarter ending in 2010 of $40,273.  The improvement in operations is directly related to the sale of the Discovery Inn Hotel in February 2011.

Revenue and direct costs from the hotel business were nil for the current quarter as a result of the sale of the hotel. Revenue for the first quarter ended Jul 31, 2010 was $128,866 and direct costs were $76,636.

Administration costs decreased to $24,647 as compared to the quarter ended July 31, 2010 $65,266.  This decrease is a result of the sale of the Discovery Inn Hotel and costs directly related to the hotel, such as: telephone, utilities, property taxes, and insurance.

Interest expense and amortization were also reduced as a result of the sale of the hotel.

Due to the proceeds of sale of the Discovery Inn Hotel invested in interest bearing instruments, interest income increased to $8,148 for the quarter.

       
    For the three months ending:
Summary of Financial information Notes 31-Jul-11 31-Jul-10
    $ $
Total revenue 1 11,467 137,241
       
Net (loss) income   (13,233) (40,273)
Basic/ diluted loss per share                 (0.00)/(0.00)               (0.01/0.01)
       

Notes:

  1. Includes hotel revenue, management fees, interest and other income  - does not include gain on sale of rental property

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

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