Whakatane-based finance company Asset Finance has posted a loss of $583,296 for the year to March 2008, compared with a profit of $827,938 the previous year.

Despite this, the company still managed to pay its two shareholders a dividend of $611,980, up from $150,000 the prior year, according to latest company accounts.

The two shareholders are directors Dennis Hodgetts and Clive George, while the two other directors of the company are not listed as having any shares.

The company defended the dividend increase, saying the payment related to the previous year.