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SOURCE Grandfield Pacific Inc.
YELLOWKNIFE, March 14, 2013 /CNW/ - Grandfield Pacific Inc. today released the financial results for the
third quarter ended January 31, 2013.
For the three months ended January 31, 2013
Net income before income tax for the three-month period ended January
31, 2013, was a loss of $11,123 as compared to a loss for the same
quarter ending in 2012 of $12,358. No change in operations
For the Nine months ended January 31, 2013
Net income before income taxes for the nine-month period ended January
31, 2013, was a loss of $40,560 as compared to a loss for the same
quarter ending in 2012 of $53,737. 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 nine months ended was nil (2012 -
$23,002), 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 $49,250 as
compared to the quarter ended January 31, 2012 of $86,139.
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For the three months ended:
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For the nine months ended:
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Summary of Financial
information
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Note
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31-Jan-13
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31-Jan-12
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31-Jan-13
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31-Jan-12
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$
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$
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$
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$
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Total revenue
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1
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2,856
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9,728
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8,817
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32,561
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Net loss
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(11,123)
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(12,358)
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(31,282)
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(40,737)
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Basic/ diluted loss per share
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(0.01)/(0.01)
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(0.00)/(0.00)
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(0.01)/(0.01)
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(0.01)/(0.01)
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Notes:
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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.
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