VANCOUVER, Nov. 28, 2012 /CNW/ - Santa Rosa Resources Corp. (the "Company") (TSX-Venture: STR.H) today announced its Q3 quarterly results for the period ended September 30, 2012. The financial statements were prepared in accordance with IAS 34.
For the three months ended September 30, 2012 the net loss before extraordinary items and discontinued operations was $32,536 compared with a loss of $143,490 for the same period in 2011. The net loss and comprehensive loss was $32,536 compared to a net loss and comprehensive loss for the comparable prior year period of $323,203. For further details of the transaction please refer to Notes 2 and 4 of the Financial Statements for the period ended September 30, 2012.
For the nine months ended September 30, 2012 the net loss before extraordinary items and discontinued operations was $168,846 compared with a loss of $392,669 for the same period in 2011. The net loss and comprehensive loss was $486,082 compared to a net loss and comprehensive loss for the comparable prior year period of $958,325. For further details of the transaction please refer to Notes 2 and 4 of the Financial Statements for the period ended September 30, 2012
As previously reported, the Company sold its operation subsidiary Monexa Services Inc on March 31, 2012. IFRS 5 accounting procedures for Non-Current Assets held for Sale and Discontinued Operations requires the subsidiary operating revenue and expenses that were sold to be netted (Revenue less Direct costs less Operating expenses) and this net operating loss for the quarter to be reflected in a single line item "Discontinued Operations" within the Consolidated Statements of Loss and Comprehensive Loss. Accordingly the revenue generated, direct costs incurred and operating costs incurred by the operating subsidiary are not reflected in the normal manner within the financial statements. The operating costs as reported are those of Santa Rosa Resources Corp.
David Roberts, President and CEO said, "At the recent Annual General Meeting shareholders approved a 10 for 1 stock consolidation. We believe that this change will make it easier for the Company to pursue new business opportunities. Currently there is less activity in the junior capital market than in recent years so we are taking steps to conserve the Company's cash."
Garth Albright, CFO said "We have reduced operating expenditures to conserve cash while ensuring the Company continues to comply with all of its regulatory and filing requirements".
This news release contains forward-looking statements. Actual events or results may differ materially from those described in the forward-looking statements due to a number of risks and uncertainties, including changes in financial and product market conditions. Forward-looking statements are based on management's estimates, beliefs, and opinions. The Company assumes no obligation to update forward-looking statements, other than as may be required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Santa Rosa Resources Corp.
For further information:
Garth Albright CFO D: 604.630.5657
Investor Relations [email protected]