Dorchester Pacific expresses pleasure at loss
Dorchester Pacific (DPC) today expressed pleasure at reporting a $921,000 operating loss in the six months to September 30."It is pleasing to note that this reported half-year operating result of $921,000 loss is ahead of budget by more than $1 milli
Dorchester Pacific (DPC) today expressed pleasure at reporting a $921,000 operating loss in the six months to September 30.
"It is pleasing to note that this reported half-year operating result of $921,000 loss is ahead of budget by more than $1 million," chief executive Paul Byrnes said.
In 2008, investors in its finance company Dorchester Finance voted for a deferred repayment plan but the company had difficulty meeting it and investors had to swap debenture stock for four new securities while the company undertook a capital raising.
Dorchester Pacific today posted a net profit after tax of $15.7m, which it said was mostly due to an accounting adjustment arising from the capital reconstruction plan approved by investors in June. The profit compared to a loss of $8.5m in the same period last year.
Mr Byrnes said that as at September 30 the company had a clean balance sheet with positive shareholders' funds of more than $25m.
Dorchester Finance and Dorchester Life contributed equally to the better than expected interim group operating result.
The company anticipated it would at least hold on to the first half gains in the second half of the year and it was looking for prudent takeover opportunities.
"With positive developments such as the new senior appointments we have made and our increased focus on marketing the business, we are confident that we can continue the business rebuilding and growth momentum," Mr Byrnes said.
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