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Pacrim International Capital Inc. announces third quarter results for March 31, 2009

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^{Published in Business and Finance on Friday, May 15th 2009 at 12:26 GMT, Last Modified on 2009-05-15 12:27:27 by Market Wire}  

 HONG KONG, May 15 /CNW/ - PACRIM INTERNATIONAL CAPITAL INC. (PCN: TSX) ("Pacrim" or the "Company"), is pleased to report the Company's results for the third quarter ended March 31, 2009. - FINANCIAL HIGHLIGHTS ------------------------------------------------------------------------- 3 months ended March 31 9 months ended March 31 ------------------------------------------------------------------------- 2009 2008 2009 2008 ------------------------------------------------------------------------- Revenue $171,404 $580,507 $1,024,953 $1,776,720 ------------------------------------------------------------------------- Income (loss) from properties ($2,194) $364,928 $506,681 $1,089,485 ------------------------------------------------------------------------- Net income (loss) ($616,392) $92,265 ($778,488) $330,951 ------------------------------------------------------------------------- Funds from (used in) operations ($527,708) $193,534 ($584,851) $636,960 ------------------------------------------------------------------------- Total Assets $52,146,072 $50,886,867 $52,146,072 $50,886,867 ------------------------------------------------------------------------- Income properties $15,038,309 $15,397,649 $15,038,309 $15,397,649 ------------------------------------------------------------------------- Mortgages $6,818,250 $6,648,544 $6,818,250 $6,648,544 ------------------------------------------------------------------------- Per Common Share ------------------------------------------------------------------------- Net income (loss) (0.010) 0.001 (0.012) 0.005 ------------------------------------------------------------------------- REVENUE: Revenue for the third quarter decreased by $409,103 to $171,404 when compared to the same period last year. Rental Revenue: The third quarter of the fiscal year income from rental properties was $38,230, decreased by $51,202 compared to the same period last year. Revenue was mainly generated from Greenland Garden during this period. Interest: Interest income decreased by $357,901 to $133,174 when compared to the same period last year. Equity income of PICH: During the second quarter, the Company completed the process to retire various loans by the transfer of 46% of the shares of Pacrim International Capital Holdings Inc. ("PICH") to the Company. The equity investment in PICH is based on the fair values of the assets and liabilities of PICH at the date of acquisition, November 14, 2008. Equity income of PICH is $434,395 from November 14, 2008 to March 31, 2009. NET INCOME: Net income for the nine months of the year decreased by $1,109,439 to a net loss of $778,488 when compared to the same period last year. The decrease was mainly due to the fluctuation in currency rate. Outlook The Company has chosen to change its strategic direction from being a firm focused on Canadian real estate to one that is focused on one of the fastest growing economies in the world - China. Using the same formula as in the past, management believes the company will successfully transition into the Chinese marketplace and continue to grow through a well-defined internal growth and external acquisition program. Management intends to seek out and take advantage of opportunities in the Asian market and will not restrict itself to the real estate or hospitality industries. The full financial statements for the year end and the first quarter and the related Management's Discussion & Analysis are available on the System for Electronic Document Analysis and Retrieval (SEDAR) and can be accessed electronically at [ www.sedar.com ]. Caution concerning forward-looking statements Statements made in this news release, other than those concerning historical financial information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding the information currently available. The Company's actual results or developments could differ materially from those expressed in the forward-looking statements. Factors that could cause results or developments to differ include, among other things, those expressed in the Company's filings or developments with Canadian securities regulatory authorities. All information presented herein should be read in conjunction with such filings. 

For further information: Guy Lam, Chief Executive Officer, Pacrim International Capital Inc., Tel. 852-2526-1554