Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
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% to 27 cents on the NZX, bringing their gain this year to about 207%. The net loss was $87,000 in the six months ended September 30, from a loss of $993,000 a year earlier, the Auckland-based company says in a statement. Operating revenue rose 26% 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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- NZX milk powder futures point to fifth successive decline in looming GDT auction
- New govt website lets you upload your own flag design — and it's immediately hijacked by naysayers
- Fletcher reiterates full-year operating earnings guidance at lower end of $650-690m range
- No infrastructure funding; no greenfield house building
- New electricity retailer offers naked power