Northern Financial Corp. is reporting a loss for the fiscal year ended March 31. The parent company of Northern Securities said consolidated revenues for the year were $5,9 million compared with $2.9 in the previous year, an increase more than 100%.

The loss from its brokerage operations, before write-downs, doubled to $10.5 million from $5.3 million in the previous year.

Net loss for the year including discontinued operations and write-downs increased substantially to $19.7 million (12¢ basic net loss per share) from $5.9 million (4¢ basic net loss per share) in the previous year. The loss from discontinued operations consisted of a write-down of $5.9 million resulting from the sale of its mining assets in March 2001. The company also wrote down its goodwill by $2.7 million.

During the fiscal year the company had its first full year of a full service brokerage business and 10 months of operations for its online business, eNorthern. In the doubling of revenue from the prior year, the company says it managed to develop a respectable presence in its underwriting and advisory business as well as continuing the growth in its retail commission business.