The writedown due to bad debts shouldn't have been a surprise...
Profit cut for finance group
Dorchester Pacific says its annual profit will fall more than 50 per cent, after making bad-debt provisions of $4.65 million.
Yesterday's announcement caused the finance company's share price to fall 10.2 per cent to an intra-day low of 212, before closing off 21c at 215.
Dorchester said annual earnings ending March 31 were likely to be $3m to $4m, against $8.15m in 2006.