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

 


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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Get More From Scoop

 
 
Standards New Zealand

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