Trading Symbol: FFP
VANCOUVER , May 1, 2017 /CNW/ - The financial results of Consolidated Firstfund Capital Corp. for the three months ended December 31, 2016 show a net income of $5,599 or $0.00 per share (2015 - $11,811 or $0.00 per share) on revenues of $81,955 (2015 - $84,867 ). The Company's fee income decreased to $81,536 for the three months ended December 31, 2016 (2015 - $81,616 ).
The financial results of the Company for the year ended December 31, 2016 show a net income of $31,984 or $0.01 per share (2015 - $157,022 or $0.03 per share) on revenues of $326,955 (2015 - $482,811 ). The Company's fee income increased to $324,146 for the year ended December 31, 2016 (2015 - $312,910 ).
The Company's results in 2015 were significantly impacted by the Company recording the net proceeds of $165,682 to GoldStar Resort Destinations, Inc., a 100% wholly owned subsidiary, from the sale of the final condominium unit in its timeshare program. The cost of the sale was $78,672 resulting in a gain on the sale of $87,010 . The Company approved the wind-up of GoldStar Resort Destinations, Inc. effective December 31, 2015 .
The Company's audited consolidated financial statements and management's discussion and analysis for the years ended December 31, 2016 and 2015 are available on SEDAR at www.sedar.com.
On behalf of the Board of
CONSOLIDATED FIRSTFUND CAPITAL CORP.
"W. Douglas Grant" (signed)
W. Douglas Grant , President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Consolidated Firstfund Capital Corp.
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