TORONTO, July 30, 2004 (PRIMEZONE) -- InterRent International Properties Inc. (TSX Venture Exchange:IIP) (the "Corporation" or "InterRent"), an owner, operator and developer of multi-unit residential income properties within the Greater Toronto Area (GTA) and along the Highway #401 corridor in Eastern and South Western Ontario released its financial operating results for the three and nine months ended May 31, 2004. Revenues for the quarter increased by 11%, and for the nine months by 54% over the same periods last year. Net loss for the quarter was ($50,997) or ($0.006)/share vs. a profit of $660 or 0.001/share one year ago, while net income for the nine months rose to $103,902 or $0.013/share from $48,232 or $0.007/share in the comparable period last year.
Quarter Ended, May 31
2004 2003
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Revenues $ 465,382 358,784
Expenses 516,379 358,124
Net Income (Loss) (50,997) 660
Income (Loss)/Share basic (0.006) 0.001
Income (Loss)/Share diluted (0.006) 0.001
Nine Months Ended May 31
Revenues $1,367,165 945,582
Expenses 1,263,263 897,350
Net Income (Loss) 103,902 48,232
Net Income (Loss)/Share basic 0.013 0.007
Net Income (Loss)/Share diluted 0.012 0.007
Commenting on the results, Michael Newman, President and CEO stated, "Overall our portfolio performed well during the last fiscal periods with occupancy levels at 98% of rentable units at quarter end. The number of rental units owned increased by 68 or 44% during the quarter, with an additional 85 rental units representing an increase of 38% closing shortly after quarter end. Shareholders equity grew by $920,702 or 32% in the nine months period. Operationally, higher property taxes and a harsh winter, resulting in increased utility costs, along with higher vacancy rates within the GTA, and closing costs associated with several large acquisitions, were the main contributors to this quarter's loss. With our recent acquisitions in London, Ottawa and Kingston, communities with low vacancy rates (as per current CMHC statistics), new rental initiatives and long term natural gas contracts, we expect a return to profitability over the next several quarters."
For further information contact:
G. Michael Newman, President & CEO Tel: (905) 773-2435 Fax: (905) 773-2437 e-mail: info@interrentproperties.com Web Site: www.interrentproperties.com J.RLewis, Corporate Development Linear Capital Inc. Tel: (416) 364-2266 1(877) 600-6001 e-mail: jrlewis@linearcapital.com
The Company relies on litigation protection on forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.