Phoenix Capital Income Trust

Phoenix Capital Income Trust

August 23, 2006 15:35 ET

Phoenix Capital Income Trust-Interim Results to June 30, 2006

TORONTO, ONTARIO--(CCNMatthews - Aug. 23, 2006) - Phoenix Capital Income Trust, (TSX VENTURE:PNX.UN) - For the six months ended June 30, 2006, the Trust incurred a net loss of $198,511 ($0.34 per Unit) compared with a loss of $234,700 ($0.40 per Unit) for the same period in 2005. Consolidated revenue increased from $1,062,699 to $1,085,392. The increased revenue was attributable to improved results from the Travelodge hotel in Windsor. The overall performance continues to be adversely affected by the ramifications of the regulatory delay of the proposed public offering of trust units. For the three months to June 30, 2006 consolidated revenue declined from $549,622 to $498,991 and the net loss increased from $137,938 to $140,297. Revenue in the prior year included interest income from $3.6 million in cash and equivalents on hand that was subsequently used for the cash election in plan of arrangement and professional fees.

A full discussion of the financial results is available on SEDAR.

About Phoenix Capital Income Trust:

Phoenix provides liquidity to the Canadian real estate syndicate market by acquiring interests from persons involved in financially sound but illiquid partnerships or managed joint ventures that own real property primarily located in Canada.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Phoenix Capital Income Trust
    James D. Hamilton
    (416) 861-1940
    Phoenix Capital Income Trust
    Michael Pereira
    (416) 861-1940