HONG KONG, Feb. 11 /CNW/ - PACRIM INTERNATIONAL CAPITAL INC. (PCN: TSX)
("Pacrim" or the "Company"), is pleased to report the Company's results
for the first quarter ended December 31, 2010.
FOR THE FIRST QUARTER ENDED DECEMBER 31, 2010:
3 months ended
Income (loss) from properties
Equity income from PICH
Net income (loss)
Funds from (used in) operations
Per Common Share
Net income (loss)
Revenue for the first quarter increased by $48,925 to $68,773 when
compared to the same period last year.
The first quarter of the fiscal year income from rental properties was
$50,105, increased by $34,814 compared to the same period last year.
The increase was mainly due to purchase of new rental properties during
Interest and Other:
Interest and other income for the first quarter ended December 31, 2010
increased by $14,111 to $18,668 when compared to the same period last
year. The increase was mainly from the dividend and other income
generated by the available-for-sale financial assets.
Equity Income from PICH:
The equity income from PICH is $575,000 for the first quarter of fiscal
2011. 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,
Net income for the first quarter increased by $20,607 from $336,094 to
$356,701 when compared to the same period last year. The increase was
mainly due to a net effect of the decrease in operating income and the
increase of foreign exchange.
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 transit 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 15 months ended September 30, 2010
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.
About Pacrim International Capital Inc.
The Company is an investment holding company with its investments
focused to date mostly in the southern part of the People's Republic of
China ("China"). The Company's business includes participation in the
corrugated paper products and packaging industry in the Pearl River
Delta area of southern China, the heart of the "World's Factory". An
intended strategy of the Company is to acquire selected small or medium
size enterprises in China and to merge them for better operational
efficiency. The Company also intends to enter the diabetes treatment
field in China and the assisted living residence business (including
diabetes clinics) in the United States. The Company's head office is
in Hong Kong with offices in Shenzhen, Guangzhou and Beijing. The
Company had previously held a portfolio of commercial real estate
assets and hotels in Canada.
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. Some forward-looking
statements may be identified by words like "may", "will", "anticipate",
"estimate", "expect", "intend" or "continue" or the negative thereof or
similar variations. Readers are cautioned not to place undue reliance
on such statements, as actual results may differ materially from those
expressed or implied in such statements. Factors that could cause
results to vary include, but are not limited to: risks associated with
China including state ownership, government sector intervention,
foreign investment, repatriation of profit and currency conversion,
tax, the developing legal system, protection of intellectual property
rights, shareholder rights and enforcement of judgments, permits and
business licenses, appropriation, political stability considerations,
the central planned economy, fluctuations in foreign exchange rates and
Chinese accounting and auditing standards; risks in business and
operations including risks associated with expansion, future capital
requirements, dependence on key personnel, environmental regulation,
competition, risk in purchasing abroad, risk of change in the price of
raw materials, product price volatility, insurance and operating plant
risk; customer risk including risk of a single market and risk
depending on major customers; technical risk including risk in the
advance of technology and risk of relying on technology abroad;
financial risk including foreign exchange risk, credit risk, liquidity
risk, cash flow and fair value interest rate risk; investment strategy
risk; and short term management transition risk.
We caution that the foregoing list of factors is not exhaustive and that
when reviewing our forward-looking statements, investors and others
should refer to the "Risk Factors" section of Pacrim's Annual
Information Form, the "Risks and Uncertainties" and other sections of
our Management's Discussion and Analysis, the "Risk Factors" section of
Schedule "A" to our Business Acquisition Report of January 28, 2009 and
our other periodic filings with Canadian securities regulatory
authorities. All forward-looking statements presented herein should be
considered in conjunction with such filings. Except as required by
Canadian securities law, we do not undertake to update any
forward-looking statements, whether written or oral, that may be made
from time-to-time by us or on our behalf; such statements speak only as
of the date made.
SOURCE Pacrim International Capital Inc.
For further information:
Chief Executive Officer
Pacrim International Capital Inc.