Grandfield Pacific Inc. releases first quarter financial results



    YELLOWKNIFE, Sept. 25 /CNW/ - Grandfield Pacific Inc. today released the
financial results for the first quarter ended July 31, 2007.
    Net loss before income tax recovery for the three-month period ended
July 31, 2007, was a loss of $371,765 compared to a net loss from the same
quarter ending in 2006 of $51,925.
    The loss for the quarter includes a provision for loss on advances to
related parties and interest and promissory note receivable from related
parties of $363,667 (2006 - nil).
    Loss from operations before other income and expenses for the quarter
ended July 31, 2007, was $33,530 as compared to a loss of $96,674 for the
comparative quarter ended in 2006. The decrease in loss from operations is
primarily a result of:

    
    -   REVENUE
           -  increased room revenue                                 $33,000

    -   DIRECT COSTS AND EXPENSES
           -  reduction in repairs and maintenance costs             $10,000
           -  decrease in wages and benefits                         $ 5,000
           -  decrease in professional fees                          $ 9,000

    -   ADMINISTRATIVE
           -  decrease in management fees                            $ 6,000


    -------------------------------------------------------------------------
                                                 For the three months ending:
    Summary of Financial information     Notes      31-Jul-07      31-Jul-06
    -------------------------------------------------------------------------
                                                         $              $
    Total revenue                          1          260,737        224,971

    Net income/(loss)                                (371,765)       (51,925)

    Basic/ diluted loss per share                (0.08)/(0.08)  (0.01)/(0.01)

    -------------------------------------------------------------------------
    Notes:
    1. Includes hotel revenue, management fees, 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 hotels in Canada and the Peoples Republic
of China. The Company's offices are based in Yellowknife, Northwest
Territories, Vancouver, British Columbia and Hong Kong.

    %SEDAR: 00002312E




For further information:

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

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Grandfield Pacific Inc.

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