YELLOWKNIFE, March 26, 2012 /CNW/ - Grandfield Pacific Inc. today released the financial results for the third quarter ended January 31, 2012.
For the nine months ended January 31, 2012
Net loss before income tax for the nine-month period ended January 31, 2012, was a loss of $53,737 as compared to a loss for the same period ending in 2011 of $153,797. The improvement in operations is directly related to the sale of the Discovery Inn Hotel in February 2011.
Revenue and direct costs from the hotel business were nil for the current quarter as a result of the sale of the hotel in February 2011. Revenue for the nine month ended January 31, 2011 was $498,981 and direct costs were $258,395.
Administration costs for the nine months ended January 31, 2012 decreased to $86,139 as compared to the quarter ended January 31, 2011 $281,041. This decrease is a result of the sale of the Discovery Inn Hotel and costs directly related to the hotel, such as: telephone, utilities, property taxes, and insurance.
Interest expense and amortization were also reduced as a result of the sale of the hotel.
Due to the proceeds of sale of the Discovery Inn Hotel invested in interest bearing instruments, interest income increased to $9,559 for the nine month period (2011 - $432).
|For the three months ended:||For the nine months ended:|
| Summary of Financial
|Net (loss) income||(12,358)||(48,474)||(40,737)||(146,060)|
|Basic/ diluted loss per share||(0.00)/(0.00)||(0.00/0.00)||(0.01)/(0.01)||(0.02/0.02)|
1. 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.
For further information:
Sam Mark, President and Chief Executive Officer