NZRL finances back in the black

The New Zealand Rugby League is back in the black to the tune of $158,000.

The return for the 2009 financial year, is its first surplus since 2005 and follows a $200,000 loss in 2008 and a $1.7 million deficit in 2007.

Chairman Scott Carter said it was a pleasing result, even more so because it was achieved in a challenging existing financial climate.

"The focus of the board in 2008 was to stabilise the NZRL's finances by cutting costs in order to live within its means," he said.

"The operating loss from that year was reduced to only $12,000.

"The additional losses booked resulted from a clean-up of the balance sheet through writing off bad loans and the disposal of poor quality assets.

"In 2009 our attention was on restoring credibility and developing a strong foundation for the future - new constitution, strategic plan and more sustainable commercial arrangements. "

He said surplus funds would be set aside to build up an asset base and cash reserves for the 2013 Rugby League World Cup year.

'The RLIF (Rugby League International Federation) retains all World Cup commercial rights and profits so without a significant 2013 international programme, we will need to fund operations that year from reserves."

- NZPA