The past year had been as challenging as it had been frustrating for the Otago Chamber of Commerce, its president, Mark Willis, said at the annual meeting last week.
"The past year for the chamber has been one of real challenges, tough economic times with the recession weaving its web over all of us with spending from many areas dropping, a number of companies faltering and some disappearing, affecting many other companies downstream.
"While there are signs that things are picking up, it will be a slow process to complete recovery."
Most companies would have looked at their costs during the downturn and checked their processes to capitalise when the economy started moving again, he said.
The chamber was no different and it would continue to look at what opportunities it found and was presented with, and how it tackled these.
Best practice would be followed to get the best return for members.
The chamber reported a before-tax loss of $11,439 for the year ended June 30 compared with a profit of $77,169 in the previous corresponding period.
The loss was thought to have been caused by extra staff costs.
Revenue increased marginally to $1.63 million in the period.
Total assets fell to $800,625 from $853,797.
However, Mr Willis said that in tough times, the chamber was at its best.
It was easy for companies and individuals to work in a buoyant market.
"When things are good, the value of networks may not seem important. But when things are tough, the chamber working closely with our members can get you through these times smiling."
Among the highlights Mr Willis recalled were the 4Trades apprenticeship programme which the chamber took on last year.
That was complemented with Cadetmax, which also targeted youth.
Based on an internship, it could lead into the 4Trades programme.
The chamber also completed 389 half-day workshops in a variety of areas, a considerable lift in the number held in the previous year, he said.
The chamber's relationship with Shanghai would be further endorsed when a memorandum of understanding between both chambers was signed this week in Shanghai.
That ceremony would end with a function with the Mayor of Shanghai, showing the respect Shanghai had for Dunedin.
