Pacrim International Capital Inc. announces second quarter results for December 31, 2008



    HONG KONG, Feb. 13 /CNW/ - PACRIM INTERANTIONAL CAPITAL INC. (PCN: TSX)
("Pacrim" or the "Company"), is pleased to report the Company's results for
the second quarter ended December 31, 2008.

    
    FINANCIAL HIGHLIGHTS

    -------------------------------------------------------------------------
                               3 months ended            6 months ended
                                 December 31               December 31
    -------------------------------------------------------------------------
                              2008         2007         2008         2007
    -------------------------------------------------------------------------
    Revenue                  $262,777     $627,431     $853,549   $1,196,213
    -------------------------------------------------------------------------
    Income (loss) from
     properties               $76,995     $384,612     $508,875     $724,557
    -------------------------------------------------------------------------
    Net income (loss)       ($108,270)   ($115,710)   $(162,096)    $238,686
    -------------------------------------------------------------------------
    Funds from (used in)
     operations              ($66,452)    ($15,430)    $(57,143)    $443,426
    -------------------------------------------------------------------------
    Total Assets          $52,909,570  $50,540,781  $52,909,570  $50,540,781
    -------------------------------------------------------------------------
    Income properties     $15,128,144  $15,487,484  $15,128,144  $15,487,484
    -------------------------------------------------------------------------
    Mortgages              $7,008,828   $7,051,546   $7,008,828   $7,051,546
    -------------------------------------------------------------------------

    Per Common Share

    -------------------------------------------------------------------------
    Net income (loss)          (0.002)      (0.002)      (0.003)       0.004
    -------------------------------------------------------------------------
    

    REVENUE:

    Revenue for the second quarter decreased by $364,654 to $262,777 when
compared to the same period last year.

    Rental Revenue:

    The second quarter of the fiscal year income from rental properties was
$57,698, decreased by $6,677 compared to the same period last year. Revenue
was mainly generated from Greenland Garden during this period.

    Interest:

    Interest income decreased by $357,977 to $205,079 when compared to the
same period last year.

    Equity income of PICH:

    During the quarter, the Company completed the process to retire various
loans by the transfer of 46% of the shares of Pacrim International Capital
Holdings Inc. ("PICH") to the Company. The equity investment in PICH is based
on the fair values of the assets and liabilities of PICH at the date of
acquisition, November 14, 2008. Equity income of PICH is $350,471 from
November 14, 2008 to December 31, 2008.

    NET INCOME:

    Net income for the first half of the year decreased by $400,782 to a net
loss of $162,096 when compared to the same period last year. The decrease was
mainly due to the fluctuation in currency rate.

    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 first quarter 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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