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, 2008.
    Net income before income tax for the three-month period ended July 31,
2008, was a loss of $78,974 as compared to a net loss from the same quarter
ending in 2007 of $375,936.
    Income for the current quarter includes a gain on the sale of a rental
home, previously used for housing hotel employees in Yellowknife, of $142,221.
The quarter ended July 31, 2007 included a provision for loss on a promissory
note, interest and advances receivable from related parties of $363,667.
    Loss from operations before other income and expenses, gain on sale of
land and building and provision for loss for the quarter ended July 31, 2008,
was $70,935 as compared to a loss of $33,530 for the comparative quarter ended
in 2007. The increase in loss from operations is primarily a result of a
decrease in room revenue to $193,640 in the current quarter as compared to
$239,476 for the same quarter in 2007. The decrease in room revenue is a
result of decreased business from local travel in Yellowknife and a reduction
of corporate business in the Yellowknife Hotel.

    
    -------------------------------------------------------------------------
                                                 For the three months ending:
    Summary of Financial information       Notes     31-Jul-08     31-Jul-07
    -------------------------------------------------------------------------
                                                       $             $
    Total revenue                              1       347,649       260,737

    Net income/(loss)                                   78,974      (371,765)

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

    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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