Providential Holdings reports Q3 FY '08 financial results

Saturday, May 17, 2008
Providential Holdings, Inc. (OTCBB:PRVH), a company engaged in merger and acquisitions consultancy, financial services, independent energy and resources, real estate development and investing in unique opportunities, announced financial results for the third quarter of fiscal year 2008 ended March 31, 2008.

Revenue for the third quarter was US$31,000, a decrease from the US$2.5 million reported in the same quarter last year. Net loss for the quarter was US$276,772 or US$0.00 per diluted share, compared to net income of US$2,373,712 or US$0.01 per diluted share in the comparable quarter last year.

For the nine months ended March 31, 2008, Providential reported revenues of US$705,338 and a net loss of US$386,230. This compares to revenues of US$2.7 million and net income of US$1.9 million in the comparable period last year.

Providential Chair and 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. Traditionally, we are compensated with equity from our client companies, and since transactions have a long sales cycle and take a long time to complete, our quarterly revenue stream is uneven. Revenues are recognised in the financial quarter in which the transactions are completed. On another note, our recent projects, such as the PHILAND Pointe91 development, the formation of IndoChina Mining Corporation, the launching of Providential Vietnam Growth Fund, and our management services subsidiaries were both human and capital intensive, but their progress continues to be very steady. We are confident in their ability and moreover, Providential Holdings as an entity, to generate positive results."

About Providential Holdings, Inc.

Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A advisory services and investing in the rapidly growing economies of Vietnam and Asia. As part of its activities in Vietnam, Providential has been hosting seminars in conjunction with the Nasdaq Stock Market, the Vietnamese Chamber of Commerce and Industry and a leading US investment banking firm, to help Vietnamese companies go public and raise capital through the US financial markets. For more information on Providential Holdings,