Diversified Dorchester lifts interim result

By Phil Boeyen, ShareChat Business News Editor

Thursday 15th November 2001

Dorchester Pacific (NZSE: DPC) says its efforts to diversify revenue streams in the past few years are paying off with interim profit up 12% despite variable trading.

The financial services company has made a net surplus of $1.46 million for the six months ended September, up from $1.3 million for the same period last year.

Sales rose to $19. 34 million from $16.52 million last year and an interim dividend of 3 cents per share has been declared.

MD, Brent King, says the uneven nature of trading during the period was disappointing but represented the nature of the New Zealand economy.

"There are very noticeable differences between the various industry and geographic areas in New Zealand. The benefits of diversification undertaken by Dorchester Pacific over the last 4 years are now apparent.

"The strategy of diversifying across a number of financial service sectors and also geographically has shown its value."

Mr King says while the current trading conditions indicate a solid 12 months, the impact of international events must be considered.

Dorchester Pacific runs a range of financial services ranging from online discount broking and finance through to life assurance businesses.

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