22 Mar 2013

Dorchester Pacific upgrades profit forecast

3:23 pm on 22 March 2013

Dorchester Pacific has upgraded its profit forecast following stronger trading in its EC Credit business.

The finance and insurance firm expects its group profit to be in the range of $5 million to $6 million for the year to March, up from last year's guidance of $4 million to $5 million.

Dorchester Pacific chief executive Paul Byrnes said its finance and insurance businesses are improving and EC Credit has traded ahead of forecast since it acquired the arm in October last year.

Mr Brynes said underlying revenue from EC Credit - which is likely to be recurring revenue - should give a good base for the group result.

He said Dorchester Pacific is continuing to improve on its core original businesses - finance and insurance - which are tracking ahead, and is looking at merger and acquisition opportunities.