Pacrim International Capital Inc. annonuces year end results for fiscal 2008



    HONG KONG, Sept. 29 /CNW/ - PACRIM INTERANTIONAL CAPITAL INC. (PCN: TSX)
(the "Company"), is pleased to report the Company's results for the year ended
June 30, 2008.

    
    FOR THE YEAR ENDED JUNE 30, 2008:
    ---------------------------------

    - FINANCIAL HIGHLIGHTS

                                                       Year ended June 30,
                                                       2008          2007
                                                         $             $

    Revenue                                          2,452,735     4,195,354
    Income from Operations                           1,424,128       504,081
    Net Income (loss)                               (1,203,070)   (1,421,387)
    Funds from Operations                           (2,973,844)  (12,151,843)

    Total Assets                                    52,921,612    51,014,645
    Income Properties                               15,307,814    15,667,154
    Mortgages                                        6,045,640     6,185,530

                               Per Common Share

    Net Income                                          (0.019)       (0.022)


    - REVIEW OF OPERATIONS

    A breakdown of the Company's revenue for the year ended June 30, 2008
compared to the year ended June 30, 2007 is as follows:

                                                       Year ended June 30,
                                                       2008          2007
                                                         $             $

    Rental properties                                  343,362       604,091
    Hospitality                                              -     1,453,280
    Interest                                         2,053,020     1,386,028
    Condominium sales and other                         56,353       751,955
    Total                                            2,452,735     4,195,354

    Revenue in 2008 decreased by $1,742,619.

    Revenue from rental properties decreased by $260,729 from $604,091 in 2007
to $343,362 this year.
    Hospitality revenue from the three hotels, owned by a subsidiary,
decreased by $1,453,280 from $1,453,280 in 2007 to nil this year, as a result
of the sale of the three hotels during the year ended June 30, 2007.
    Interest revenue increased by $666,992 from $1,386,028 in 2007 to
$2,053,020 this year.
    Revenue from condominium sales and other decreased by $695,602 from
$751,955 in 2007 to $56,353 this year.
    There are no condominium sales in 2008 as all sales were completed in
fiscal 2007. The only condominium sales include revenue from one remaining
development - The Royalton in Halifax, Nova Scotia in which a total of 4 units
were closed in the 2007 fiscal year compared to 11 units in 2006.

    Income from Operations

                                                       Year ended June 30,
                                                       2008          2007
                                                         $             $

    Rental properties                                 (685,245)     (773,555)
    Hospitality                                              -       162,415
    Interest                                         2,053,020     1,386,028
    Condominium sales and other                         56,353      (270,807)
    Total                                            1,424,128       504,081
    

    Rental properties - Loss decreased by $88,310. Rental revenue decreased
by $260,729 and total expenses decreased by $349,039.

    Hospitality - Revenue decreased by $1,453,280 from $1,453,280 in fiscal
2007 to nil in fiscal 2008.

    Interest - Interest income increased by $666,992 to $2,053,020 this
fiscal year mainly generated from the related party loans.

    Condominium sales and other - Income increased by $327,160 due to the
decrease in revenue of $695,602, the decrease in amortization of $125,540, and
the decrease in direct costs of $897,222.

    Net loss

    Net loss for this fiscal year decreased by $218,317 to a loss of
$1,203,070 when compared to last fiscal year.

    Total Assets

    The Company had total assets of $52,921,612 at June 30, 2008, which
consisted of cash and cash equivalents of $7,149,615. As at June 30, 2008, the
Company's short-term liabilities exceeded its short term assets by
approximately $7.3 million. In recognition of the circumstances, the Company
is working toward realizing on the security for certain amounts due from
related parties and is also in the process of negotiating extended payment
terms for its short-term liabilities. Reference is made to the "Liquidity and
Capital Resources" section of the Management's Discussion and Analysis for the
year ended June 30, 2008.

    Outlook

    The Company has chosen to change its strategic direction from being a
firm focused on Canadian real estate to one that is focused on one of the
fastest growing economies in the world - China.
    Using the same formula as in the past, management believes the company
will successfully transition into the Chinese marketplace and continue to grow
through a well-defined internal growth and external acquisition program.
Management intends to seek out and take advantage of opportunities in the
Asian market and will not restrict itself to the real estate or hospitality
industries.
    The full financial statements for the year end and the related
Management's Discussion & Analysis are available on the System for Electronic
Document Analysis and Retrieval (SEDAR) and can be accessed electronically at
www.sedar.com.

    Caution concerning forward-looking statements

    Statements made in this news release, other than those concerning
historical financial information, should be considered forward-looking and
subject to various risks and uncertainties. Such forward-looking statements
are based on management's beliefs and assumptions regarding the information
currently available. The Company's actual results or developments could differ
materially from those expressed in the forward-looking statements. Factors
that could cause results or developments to differ include, among other
things, those expressed in the Company's filings or developments with Canadian
securities regulatory authorities. All information presented herein should be
read in conjunction with such filings.





For further information:

For further information: Guy Lam, Chief Executive Officer, Pacrim
International Capital Inc., Tel. 852.2526.1554

Organization Profile

PACRIM INTERNATIONAL CAPITAL INC.

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