HONG KONG, Nov. 14 /CNW/ - PACRIM INTERANTIONAL CAPITAL INC. (PCN: TSX)
("Pacrim" or the "Company"), is pleased to report the Company's results for
the first quarter ended September 30, 2007.
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2007:
- FINANCIAL HIGHLIGHTS
Three months ended September 30,
Revenue 568,782 1,993,404
Income from properties 339,945 423,420
Net Income 354,396 5,372,228
Funds from Operations 458,856 (203,351)
Total Assets 50,768,825 55,497,015
Income Properties 15,577,319 16,932,639
Mortgages 5,672,015 5,831,512
Per Common Share
Net Income 0.006 0.085
Revenue for the first three months decreased by $1,424,622 to $568,782
when compared to the same period last year. The decline in revenue is
primarily attributed to the disposal of the income producing properties in
Revenue from the three hotels decreased by $1,453,280 to nil from
$1,453,280 in the same period last year. The decrease was due to the
disposition of three hotels in fiscal 2006.
Revenue from the restaurant decreased by $148,319 from $148,139 to nil.
The decrease in revenue from the restaurant was due to the disposition of the
last East Side Mario restaurant in fiscal 2006.
In the first three months of the fiscal year income from rental
properties was $53,174, decreased by $184,877 compared to the same period last
year. The decrease of rental income is mainly due to the sale of the remaining
Canadian rental properties portfolio in fiscal 2006.
Condominium Sales and Other:
For the three months ending September 30, 2007 revenue from condominium
sales and other was $515,608. The last 4 condominium units were sold in fiscal
Net income for the first three months decreased by $5,017,832 to $354,396
when compared to the same period last year. The decrease was mainly due to the
sale of the three hotels portfolio and one restaurant in fiscal 2006. As a
result, the Company has less income producing properties in its asset base.
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
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