Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Dorchester narrows first-half loss, forecasts FY profit

Dorchester narrows first-half loss, forecasts FY profit helped by EC Credit

Nov. 22 (BusinessDesk) – Dorchester Pacific, which avoided failure in 2010 by convincing investors to accept a debt-for-equity swap, narrowed its first-half loss and reiterated its target for a full-year profit, helped by earnings from recently acquired debt collector EC Credit Control.

The shares climbed 8 percent to 27 cents on the NZX, bringing their gain this year to about 207 percent. The net loss was $87,000 in the six months ended Sept. 30, from a loss of $993,000 a year earlier, the Auckland-based company said in a statement. Operating revenue rose 26 percent to $5.4 million.

Dorchester has added EC Credit to its existing insurance and finance businesses, which both lifted income in the first half.

The company first flagged a full-year profit of at least $1 million when it announced the acquisition in September. Profit for the 2014 year would be $4 million to $5 million, it said today.

The company’s turnaround includes the early buyback of $15 million of June 2013 notes after it secured an equivalent amount of bank funding. It anticipates a jump in shareholders’ funds in 2013 when 150 million options are exercisable next June at 12.5 cents apiece.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Wool Exports Jump To The Highest In More Than A Decade

New Zealand wool exports jumped to their highest level in more than a decade in June, aided by a lower currency and strong demand from China, the nation’s largest market. More>>

ALSO:

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

ALSO:

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news