Waitaki District Council-owned Whitestone Contracting has had a marked improvement in its financial performance compared with the previous year when it was affected by the loss of some major roading maintenance contracts.
For the 2013-14 financial year, the company has posted a $611,525 surplus before income tax and subvention payments, compared with a $9600 surplus the previous financial year when it was still recovering from the loss of multimillion-dollar contracts with the Waitaki and Waimate district councils.
In the 2013-14 year, the company had operating revenue of almost $20 million ($19.37 million) and expenses of $19.33 million ($19.368 million). Donations and sponsorships totalled about $56,000 for 2013-14 and a $23,732 subvention payment was made to the Waitaki District Council.
The company's net surplus was $119,170, compared with a deficit of $427,123 the previous financial year.
Company chairman John Walker said the result was a significant improvement for the company, with the majority of divisions returning solid, profitable levels of performance.
Staff levels had been reduced but the company continued to be a major employer in the district with 122 fulltime equivalent employees and contributing more than $8 million a year in wages and salaries.
