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Economy dampens Dorchester outlook

By Phil Boeyen, ShareChat Business News Editor

Friday 10th November 2000

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Financial services company Dorchester Pacific has made a slightly improved half-year profit of $1.3 million, rising 4% compared with last year's $1.25 million.

The company says if an extraordinary item of a $129,000 profit on the sale of a subsidiary was excluded from last year's interim result, then the profit lift is 16%. Sales revenue rose to $16.5 million from $11.9 million in 1999.

Managing director, Brent King, says in the six months to the end of September most areas of the business had shown growth, with revenue up 38%, assets up 16%, and total equity up 9.2%. But he says market trading conditions have clearly deteriorated over the past 12 months, and the major constraint for the group is the overriding economic conditions.

"There is little reason to believe that these will improve over the next 12 months hence our focus will be on efficiency and productivity."

"The group has made progress in most areas however the integration of the acquisitions of Invincible Life and Direct Broking need further work for the further benefits to be obtained by the group".

He says the recent acquisition of Fountain Finance had progressed satisfactorily and the company was trading in line with projections.

A fully imputed dividend of 3 cents per share has been declared.

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