Grenreal Property Corporation Limited ("Grenreal" or the "Company") (ECSE: GPCL) has released its interim financial statements for the quarter which ended 31st March 2010. Chief Executive Office Dick Van Dijk has stated that business is picking up but at the same time the local economic situation remains problematic.

Grenreal realised higher income for the first quarter of 2010 as compared to the first quarter of 2009. Income in January to March 2010 was EC$ 1,715,694, as compared to EC$ 1, 567,714 in the first quarter of 2009. However, this figure was still under the budgeted expected income for the first quarter of 2010 which was forecasted at
EC $1,763, 525.

Profit for the first quarter of 2010 was E.C. $337,312, representing an increase of 20% as compared to the same period in 2009. However, this figure was 25 percent lower than budgeted given the increase in revenue generating spaces which was contemplated in the 2009-2010 projections.

Grenreal expects that with the completion of construction on new lots income should increase as vacancies in the mall have remained very low. However, the Grenreal management is concerned that the problems in the local economy have increased pressure on tenants in the mall and continues to monitor this trend closely.

Mr. Van Dijk has therefore called for urgent and bold action to be taken immediately to help to cushion the impact of the global economic crisis. In this regard, he has said that Grenreal is prepared to work with Government on the implementation of an extremely focussed cruise destination marketing campaign aimed at increasing cruise tourism arrivals