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.

Notes:

1. 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. 

SOURCE Grandfield Pacific Inc.