St. Georges, Grenada - (August 16, 2010) – Grenreal Property Corporation Limited ("Grenreal" or the "Company") (ECSE: GPCL) has released its half year figures for 2010 and reported a profit of EC$513,123 which is (25.9% above the result of the second quarter of 2010. Although the result is 25% higher than the same period last year, it is lower than budgeted due to increased costs and higher interests

Total revenues including service charge, parking and other income were up to EC$ 3.26 million, an increase of 8.33% compared to the first half year of 2009. However, the Grenreal CEO says this is lower than anticipated. “Although a plus of more than 8% is remarkable, the income did not meet the expectation of the management, we budgeted EC$ 3.3 million rental income and total income of EC$ 3.5 million”, said the Grenreal Chief Executive Officer Dick Van Dijk.

Grenreal faced increase of costs by 8.9% due to higher energy and financing costs.

Mr. Van Dijk reflected on the results with caution saying, “The Company will still face a challenging second half of 2010”. Cruise passengers arrivals in the first half of 2010 were about 6% lower than compared with same period of 2009. The expectations regarding cruise visitor arrivals for the whole of 2010 is that they will be on same overall level as 2009, but further growth is not expected. Local Grenadian economy is still worsening which reflects by further decrease in spending by the general public As a consequence, the company faces more than expected vacancies and pressure on rental levels.

With regard to the balance sheet, the Company continues to improve its equity ratios with an equity financing of over 50%. Also the Loan to Value ratio with 45% is well within the covenants of the mortgage financing.

In concluding his review of the half year figures Mr. Van Dijk again expressed very serious concern about the future of Grenada’s cruise ship industry. He again echoed his sentiments about the need to invest in upgrading the number and quality of attractions offered to visitors arriving by cruise ship. “The main revenue stream for the tenants of the Esplanade Mall and to a lesser extend the Bruce Street Mall is the cruise industry. Without this they will not survive. We at Grenreal are very concerned that our tenants’ livelihoods could be place in grave danger because of the need for immediate further investment in Grenada’s cruise tourism industry. We believe that Grenada will lose market share to other destinations like St. Lucia and Barbados who are undertaking serious investment in the facilities and attractions offered to cruise tourists”.