Grandfield Pacific Inc. releases first quarter financial results

YELLOWKNIFE, Sept. 28 /CNW/ - Grandfield Pacific Inc. today released the financial results for the first quarter ended July 31, 2009 .

Net income before income tax for the three-month period ended July 31, 2009 , was a loss of $56,772 as compared to net income for the same quarter ending in 2008 of $78,974 .

Income for the quarter end July 31, 2008 includes a gain on the sale of a rental home, previously used for housing hotel employees in Yellowknife, of $142,221 .

Loss from operations before other income and expenses and gain on sale of land and building for the quarter ended July 31, 2009 , was $80,122 as compared to a loss of $70,935 for the comparative quarter ended in 2008. The increase in loss from operations is primarily a result of a decrease in room revenue to $139,838 in the current quarter as compared to $193,640 for the same quarter in 2008. The decrease in room revenue is a result of decreased business from local travel in Yellowknife and a reduction of corporate business in the Yellowknife Hotel.

    
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                                                 For the three months ending:
    Summary of Financial information    Notes       31-Jul-09      31-Jul-08
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                                                        $              $

    Total revenue                         1           148,817        205,428

    Net (loss) income                                 (56,772)        78,974

    Basic/diluted loss per share                   (0.01/0.01)     0.01/0.01
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    Notes:
    1.  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 .

%SEDAR: 00002312E

For further information: Sam Mark, President and Chief Executive Officer, Email: [email protected]