| By PR Newswire |
Article Rating: |
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| September 26, 2012 02:57 PM EDT |
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134 |
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 $24,647.
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For the three months ending:
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Summary of Financial information
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Notes
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31-Jul-12
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31-Jul-11
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$
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$
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Total revenue
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1
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2,986
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11,467
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Net (loss) income
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(11,083)
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(13,233)
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Basic/ diluted loss per share
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(0.00)/(0.00)
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(0.00)/(0.00)
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Notes:
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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.
