Grandfield Pacific Inc. releases third quarter financial results

YELLOWKNIFE, March 24, 2015 /CNW/ - Grandfield Pacific Inc. today released the financial results for the third quarter ended January 31, 2015.

For the three months ended January 31, 2015

Net income before income tax for the three-month period ended January 31, 2015, was a loss of $16,823 as compared to a loss for the same quarter ending in 2014 of $12,076.  The variance is primarily related to an increase in travel costs to Hong Kong for the President.

For the nine months ended January 31, 2015

Net income before income tax for the nine-month period ended January 31, 2015, was a loss of $50,177 as compared to a loss for the same quarter ending in 2014 of $50,666.  Included in the nine months ended January 31, 2015, is a loss of $3,438 for the sale of the shares in Regency International (BVI) Ltd.  Administration expenses decreased to $54,328 from $59,090 for the same period ended in 2014.  This decrease is a result of a GST/HST input tax credit reversal and a decrease in office costs. 

			For the three months ending:
Summary of Financial information		Notes	31-Jan-15	31-Jan-14
			$	$
Total revenue		1	2,193	2,738
Net (loss) income			(16,823)	(12,076)
Basic/ diluted loss per share			(0.00)/(0.00)	(0.00)/(0.00)

			For the nine months ending:
Summary of Financial information		Notes	31-Jan-15	31-Jan-14
			$	$
Total revenue		1	7,589	8,424
Net (loss) income			(50,177)	(50,185)
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. 

SOURCE Grandfield Pacific Inc.

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

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