TORONTO, Jan. 23, 2012 /CNW/ - Genterra Capital Inc. (TSX Venture - "GIC" - Common)
Revenues for the year ended September 30, 2011 increased to approximately $3.2 million from $1.3 million in the preceding 2010 period. Net Earnings for the year were $217,390 compared to a Net Loss of $519,069 in the preceding year. Earnings per share for the year was $0.02 compared with a loss per share of $0.07 in the preceding 2010 period. Current year earnings include a gain on the sale of a rental real estate property of $473,895.
The 2010 results of operations for the Corporation are for the nine month period ended September 30 and include the pre-amalgamation results of Consolidated Mercantile Incorporated and the revenues and expenses associated with the acquired assets from Consolidated Mercantile Incorporated's May 10, 2010 amalgamation with Genterra Inc.
Capitalizing on favourable market conditions, subsequent to the year-end, the Company successfully completed a $6 million 3.29% first mortgage refinancing of our Wendell Property.
Mark I. Litwin, previously the Company's Executive Vice-President, has been appointed as President and CEO. Fred A. Litwin remains on as Chairman of the Board of Directors.
Genterra Capital Inc. is a management and holding company whose assets include rental real estate properties and investments.
Disclaimer: TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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Stan Abramowitz, Secretary