Dorchester to pay out early

Dorchester Pacific said it will pay debenture holders their next 5 per cent principal repayment a week early on June 23, taking repayments to 30 per cent.

Subsidiary Dorchester Finance last year instituted a deferred payment plan after its reinvestment rates fell dramatically.

It was estimated to owe debenture holders $168 million. Dorchester Pacific yesterday reported a signalled $25.4 million loss in the year to March 31 compared to a $18.1 million loss in the previous year.

No dividend will be paid. The finance group reported an operating loss of $28.7 million.