Dorchester cuts loss

Dorchester Pacific, which avoided failure in 2010 by convincing investors to accept a debt-for-equity swap, narrowed its first-half loss and reiterated its target for a full-year profit, helped by earnings from recently acquired debt collector EC Credit Control.

The shares closed up 1c yesterday at 26c.

The net loss was $87,000 in the six months ended September 30, from a loss of $993,000 a year earlier, the Auckland-based company said. Operating revenue rose 26 per cent to $5.4 million. Profit for the 2014 year would be $4 million to $5 million, it said yesterday.