31 May 2011

Dorchester declares profit

1:40 pm on 31 May 2011

Finance and insurance firm Dorchester Pacific has reported a full year profit due to one-off items.

The company made $14.1 million in the year to March compared with a loss of $19 million in the previous year.

That profit is only due, however, to a $22 million gain from revaluing its capital restructuring plan which allowed it to emerge from moratorium last year.

Excluding that, Dorchester lost $1.6 million, though it says that considerably better than what it forecast it would lose.

Revenue fell 41% to $10 million.

It wrote down four hotel assets by $1.3 million, while Dorchester says it has nearly $26 million of shareholders' funds.