31 May 2010

Dorchester Pacific posts $19m loss

10:56 pm on 31 May 2010

Dorchester Pacific has reported a full-year loss of $19 million.

The result is a 25% improvement on the 2009's $25 million loss and includes a $16 million one-off accounting charge as well as $2.9 million in bad loan provisions.

However, Dorchester's executive director Paul Byrnes says the motor vehicle finance and insurance markets are improving, and is pleased with the business' underlying peformance.

Dorchester, which has been operating under a deferred repayment plan since late 2008, ran into trouble in the middle of last year but has since repaid half of the $172 million owed to investors.