Contact Information: Henry Fahman Tel: 714-843-5455
PHI GROUP, INC. Reports Q3 FY'09 Financial Results
| Source: PHI GROUP, INC.
LOS ANGELES, CA--(Marketwire - May 20, 2009) - PHI GROUP, INC. (OTCBB : PHIE ) (FRANKFURT : PR7 ) (WKN A0RNQV), a company engaged in mergers and acquisitions, real
estate development, mining, and investing in special situations, today
announced financial results for the third quarter of fiscal year 2009,
ended March 31, 2009.
Total revenues were $6,000 and $31,000 for the three months ended March 31,
2009, and 2008, respectively from management services and consulting
services. Total revenues were $2,000,220 and $705,338 for the nine months
ended March 31, 2009, and 2008, respectively. We generated $1,982,220
revenues from consulting services and $18,000 for management fees for the
nine months ended March 31, 2009 compared to $639,838 for consulting fees
and $65,500 for management fee in the nine month ended March 31, 2008.
Total operating expenses were $264,893 and $318,066 for the three months
ended March 31, 2009, and 2008, respectively. Total operating expenses were
$1,091,508 and $984,641 for the nine months ended March 31, 2009 and 2008,
respectively.
Net loss for the three months ended March 31, 2009 was $675,926 as compared
to $276,772 for the same period in 2008, which is equivalent to $(0.00) per
share for both periods, and net loss for the nine months ended March 31,
2009 was $1,444,123 compared to $386,230 for the same period in 2008, which
is equivalent to ($0.01) per share in the nine months ended March 31, 2009
and ($0.00) in 2008, all based on the weighted average number of basic and
diluted shares outstanding. The increase in net loss for the last nine
months was mainly due to an increase of $2,361,065 in loss on the sale of
marketable securities offset by an increase of $133,757 in gain on debt
settlement which were not present during the corresponding period in 2008.
PHI GROUP's CEO Henry Fahman said, "The revenues for the third quarter and
nine month periods were low due to the nature of our revenue recognition
methods. Since the bulk of our compensations from merger and acquisition
consulting services is in the form of equity ownership in our client
companies and transactions have both a long sales cycle and take a while to
complete, our quarterly revenue stream is uneven. However, when these
transactions are completed the revenues will be reflected in the relevant
periods."
Henry added: "On another note, during the last quarter we devoted
significant efforts to update the paperwork for the listing of our Philand
Ranch's stock on the Frankfurt Stock Exchange, secure the new mining
projects in Cambodia and reach an agreement to recapitalize Phuong Nam Co.
in Vietnam. We are confident all these activities will generate significant
results for our shareholders in the near future."
About PHI GROUP, INC.
PHI GROUP, INC., formerly known as Providential Holdings, Inc., focuses on
M&A and consulting services, real estate development, mining and investing
in special situations. The Company assists companies to go public and raise
capital, develops "Pointe 91," a luxury resort and premium residential
community in Chu Lai, central Vietnam, (www.philandranch.com), and engages
in mining in Southeast Asia (www.phimining.com). The Company's main web
site address is www.phiglobal.com.
Safe Harbor: This news release contains forward-looking statements that are
subject to certain risks and uncertainties that may cause actual results to
differ materially from those projected on the basis of such forward-looking
statements. Such forward-looking statements are made based upon
management's beliefs, as well as assumptions made by, and information
currently available to, management pursuant to the "safe-harbor" provisions
of the Private Securities Litigation Reform Act of 1995.