YELLOWKNIFE, NT, Sept. 26, 2012 /CNW/ - Grandfield Pacific Inc. today released the financial results for the first quarter ended July 31, 2012.
For the three months ended July 31, 2012
Net income before income tax for the three-month period ended July 31, 2012, was a loss of $11,083 as compared to a loss for the same quarter ending in 2011 of $13,233. The improvement in operations is directly related to the sale of the Discovery Inn Hotel in February 2011 and reduction wages.
Management fee income during the quarter was nil (2011 - $8,148), as the Company is no longer providing management services. Since the company is no longer providing management services, staff has been reduced which has resulted in a decrease in wages included in administration costs. The reduction in wages from management services and a reduction in staff as a result of the sale of the Discovery Inn hotel resulted in a reduction in administration costs to $14,027 as compared to the quarter ended July 31, 2011 of $24,647.
|For the three months ending:|
|Summary of Financial information||Notes||31-Jul-12||31-Jul-11|
|Net (loss) income||(11,083)||(13,233)|
|Basic/ diluted loss per share||(0.00)/(0.00)||(0.00)/(0.00)|
- Includes hotel revenue, management fees, interest and other income - does not include gain on sale of rental property
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 a hotel in Canada. The Company's offices are based in Yellowknife, Northwest Territories, Vancouver, British Columbia and Hong Kong.
SOURCE: Grandfield Pacific Inc.
For further information:
Sam Mark, President and Chief Executive Officer
Email: [email protected]