Dorchester Pacific posts record annual profit

By NZPA

Tuesday 4th June 2002

Financial services company Dorchester Pacific has posted a record net annual profit of $3.72 million, up 24 percent on the previous year.

The company will pay a 3.6 cents per share final dividend on July 5, a 20 percent increase on the previous year, making a total imputed dividend of 6.6cps for the year.

Dorchester Pacific managing director Brent King said in a statement to the stock exchange the company had experienced difficult trading conditions during the year.

"The Dorchester group has now reached the stage where we have significant diversification of our operations. During the year we had outstanding performances from some subsidiaries, while in others further improvement is required."

During the year ended March 31, Dorchester Pacific acquired Save and Invest Life, Lynx Finance, Plains Finance and Harts Reeves Moses, renamed Sterling Portfolio Management.

Those businesses had not yet made a significant contribution to earnings.

Revenue was up 42 percent at $45.89 million, while pre-tax profit rose 32 percent to $3.94 million.

"The economic outlook in New Zealand and worldwide is relatively uncertain. The Dorchester group is now well placed to take advantage of opportunities as they occur. We will be continuing our policy of steady growth for all aspects of our businesses," Mr King said.

Dorchester Pacific shares today closed down 1c at $1.37, compared with a year high of $1.50 and a low of $1.19.

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