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Dorchester Expects Higher Year End Profit of $8 Million

Dorchester Expects Higher Year End Profit of $8 Million

Dorchester Pacific Limited (NZX: DPC) today advised that its net profit after tax for the financial year to 31 March 2014 is now expected to be approximately $8 million. Its earlier profit guidance was an after tax trading profit of $6 million.

The revised profit guidance is subject to audit review.

Dorchester CEO, Paul Byrnes, said the profit from the three trading operations is expected to come in at around $6.5 million. “Additionally, there will be two extraordinary items that will have the net effect of increasing the net profit after tax to around $8 million.

“The first item is the pre-payment of $1.6 million interest on convertible notes for the term to 31 March 2015, prior to their conversion to ordinary shares on 30 August 2013. This was noted in the interim results to 30 September 2013.

“The second item results from bringing approximately $11 million of tax losses on to the balance sheet, resulting in a positive impact on profit of around $3.1 million.

“There is no contribution in the expected $8 million profit from the recently announced acquisition of Oxford Finance Limited, with that settlement completed on 1 April 2014.

“The guidance for group net profit before tax of $10 million - $11 million for the financial year to 31 March 2015 and $14 million - $15 million for the year to 31 March 2016, provided at the time of the Oxford Finance acquisition, remains unchanged.

“The guidance does not include any contribution from further M & A activity or the benefit of additional tax losses of approximately $5 million remaining after the $11 million is recognised in the 31 March 2014 accounts,” he said.

Chairman, Grant Baker, said: “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 1985.

“These continued upgrades to profit guidance reflect both the outstanding progress the company has made over the last 18 months and the significant further growth opportunities for Dorchester in the broader financial services sector.”

ENDS

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