GRANDFIELD PACIFIC INC. RELEASES SECOND QUARTER FINANCIAL RESULTS

YELLOWKNIFE, Dec. 17 /CNW/ - Grandfield Pacific Inc. today released the financial results for the second quarter ended October 31, 2010.

For the three months ended October 31, 2010

Net income for the three-month period ended October 31, 2010, was a loss of $57,313 as compared to a net loss for the same quarter ending in 2009 of $91,118.  The reduction in loss from operations is primarily a result of a decrease in interest expense of $43,000 as a result of the renegotiation of the terms of outstanding debt in January 2010 to more favorable terms.

For the six months ended October 31, 2010

Net income before income tax for the six-month period ended October 31, 2010, was a loss of $105,323 as compared to net income for the same period ended in 2009 of $162,261.  Revenue for the 2010 period is consistent to the revenue for the same period ended in 2009.   The improvement in operations results from a decrease in interest expense of $86,000 as a result of the renegotiation in January 2010 of the terms of the outstanding debt.

				For the three months ending:
Summary of Financial information		Notes		31-Oct-10	31-Oct-09
				$	$
Total revenue		1		174,581	162,950
Net income/(loss)				(57,313)	(91,118)
Basic/ diluted loss per share				(0.01)/(0.01)	(0.01)/(0.01)

				For the six months ending:
Summary of Financial information		Notes		31-Oct-10	31-Oct-09
				$	$
Total revenue		1		311,822	311,767
Net income/(loss)				(97,586)	(147,890)
Basic/ diluted loss per share				(0.02)/(0.02)	(0.02)/(0.02)

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.

For further information:

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