Half-year profit rockets

By Dita De Boni

The Auckland-based financial group Dorchester Pacific has reported a 76 per cent rise in net profit for the half year to September.

Group after-tax profits climbed from $711,000 for the same period in 1998 to $1.25 million this year, while revenue grew 22 per cent to almost $12 million.

The interim dividend has been increased from 2.5c to 3c.

The company's finance division almost doubled net profits from last year's six-month result of $450,276 to $875,176.

Earnings from property investments jumped from $38,498 in 1998 to $195,308 for the same period this year.

The only division to show a fall in profits was the company's consulting arm, which handles immigration consultancy among other matters. Its numbers were down from $222,407 last year to $177,286.

Chairman Murray Radford said the company had achieved a significant milestone as assets had grown to around $100 million during the period under review.