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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news