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Grandfield Pacific Inc. Releases Second Quarter Financial Results

YELLOWKNIFE, Dec. 12, 2012 /CNW/ - Grandfield Pacific Inc. today released the financial results for the second quarter ended October 31, 2012.

For the three months ended October 31, 2012

Net income before income tax for the three-month period ended October 31, 2012, was a loss of $18,354 as compared to a loss for the same quarter ending in 2011 of $28,146.  The improvement in operations is directly related to the sale of the Discovery Inn Hotel in February 2011 and a reduction in administration staff costs.

For the six months ended October 31, 2012

Net income before income six for the three-month period ended October 31, 2012, was a loss of $20,159 as compared to a loss for the same quarter ending in 2011 of $41,379.  The improvement in operations is directly related to the sale of the Discovery Inn Hotel in February 2011 and a reduction in administration staff costs.

Management fee income during the six months ended was nil (2011 - $16,290), 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.

           
    For the three months ended: For the six months ended:
Summary of Financial
information
Note 31-Oct-12 31-Oct-11 31-Oct-12 31-Oct-11
    $ $ $ $
Total revenue 1 2,975 11,366 5,961 22,833
           
Net loss   (9,076) (15,146) (20,159) (28,379)
           
Basic/ diluted loss per share                 (0.00)/(0.00)               (0.01)/(0.01)               (0.00)/(0.00)               (0.01)/(0.01)
           

Notes:

  1. Includes hotel revenue, management fees, interest and other

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.

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