Grandfield Pacific Inc. Releases Second Quarter Financial Results

YELLOWKNIFE, Dec. 19, 2014 /CNW/ - Grandfield Pacific Inc. today released the financial results for the second quarter ended October 31, 2014.

For the three months ended October 31, 2014

Net income before income tax for the three-month period ended October 31, 2014, was a loss of $19,896 as compared to a loss for the same quarter ending in 2013 of $28,576.  The quarter ending Oct 31, 2013 includes a result of a reversal of GST/HST input tax credits previously allowed of approximately $8,000 (expense) and an increase in travel costs.  These two items are the primary reason for the improvement in operations. 

For the six months ended October 31, 2014

Net income before income tax for the six-month period ended October 31, 2014, was a loss of $33,354 as compared to a loss for the same quarter ending in 2013 of $38,590.  Included in the six months ended October 31, 2014, is a loss of $3,438 for the sale of the shares in Regency International (BVI) Ltd. 

		For the three months ending:
Summary of Financial information	Notes	31-Oct-14	31-Oct-13
		$	$
Total revenue	1	2,720	2,832
Net (loss) income		(19,896)	(28,095)
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-14	31-Oct-13
		$	$
Total revenue	1	5,396	5,686
Net (loss) income		(33,354)	(38,109)
Basic/ diluted loss per share		(0.01)/(0.01)	(0.01)/(0.01)
Notes: 1. Includes interest and other income

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.

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

Related Links

http:///www.explorerhotel.nt.ca