Licensing trust net profit slips
The Invercargill Licensing Trust has posted a net profit of $10.362 million for the 2013-14 year.
The annual report, released this week, says the group produced a solid performance even though the figure represents a decline of 5.2 per cent on last year.
Last year's profit was $10.925m. The trust's pre-tax operating surplus, before grants, was $7.198m, which was down 4.2 per cent on last year.
Trust general manager Greg Mulvey said he was pleased with the year's result, attributing the decline to a small decrease in sales and an increase in operating expenses, which was related to the inflation rate.
The trust exceeded budget expectations but it was a solid result for the year, especially because of the challenging economic environment.
The report says the aftermath of the Christchurch earthquakes continued to impact negatively on trust's operations with a reduction in visitor numbers to the region.
The trust's financial position remained strong with a low level of term debt and total assets of $85.7m including substantial cash reserves available for future developments to benefit the city, the report says.
The ILT Foundation posted a profit of $4.282m, down from $4.648m last year.
Mulvey attributed the decrease to a reduction in gaming income, which was a national trend.
The Southland Times