22 Nov 2011

Half-year loss reported by DPC

12:31 pm on 22 November 2011

Dorchester Pacific has reported a half-year loss as it tries to turn around its business after restructuring last year.

The listed finance and insurance company lost $993,000 in the six months to the end of September, after making a profit of $15.7 million in the same period last year.

Revenue fell 10% to $4.3 million.

Chief executive Paul Byrnes says Dorchester has traded ahead of forecast, and is on track to make a profit in two years.

He says both lending and the insurance business have been slower than expected and Dorchester is reviewing its insurance and savings business.

Dorchester was the first finance company to emerge from moratorium last year.