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

 


Dorchester Pacific says FY profit rose almost five fold

Dorchester Pacific says FY profit rose almost five fold, beating guidance

April 30 (BusinessDesk) - Dorchester Pacific, the finance company that avoided failure in 2010 by convincing investors to accept a debt-for-equity swap, said full-year profit rose more than five-fold, beating guidance.

Profit in the year ended March 31 was about $8 million, up from $1.7 million a year earlier, the Auckland-based company said in a statement.

Profit from its three trading operations would be about $6.5 million compared to earlier guidance of $6 million and the company also recognised a $1.6 million one-time gain from pre-payment of interest on convertible notes and a $3.1 million profit from bringing about $11 million of tax losses onto its balance sheet, it said.

Dorchester affirmed its guidance of pretax profit of between $10 million and $11 million for 2015 and $14 million to $15 million for 2016, which it gave in March when it announced the acquisition of Oxford Finance.

“This latest profit guidance would bring profit to a level in line with the highest profit achieved in the history of Dorchester, since it listed in 1986,” said chairman Grant Baker.

Dorchester got a new lease of life in 2010 when an Auckland private equity group, the Business Bakery, got involved with a recapitalisation plan in which some 7,200 investors owed about $84 million converted their debenture stock for four different types of security to keep the firm afloat while many other finance companies were failing in the wake of the global financial crisis and a local recession.

Shares of Dorchester rose 4.3 percent to 24.5 cents and have gained 6.8 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news