Dunedin stadium in the black

Forsyth Barr Stadium.
Forsyth Barr Stadium.
The company running Dunedin's Forsyth Barr Stadium has turned a $1 million loss into a six-figure profit, and is forecasting greater returns in future.

The result came as the Dunedin City Council's group of companies released their latest six-month reports and statements of intent, which will be discussed at today's full council meeting.

DVML's books showed it had posted a $461,000 profit in the six months to December 31 last year, which compared favourably with a $1.03 million loss for the corresponding period the previous year.

The company was predicting a $440,000 profit for 2016-17, rising to $500,000 in 2017-18 and $550,000 in 2018-19.

The turnaround reflected DVML's efforts to cut costs and grow revenue, but also extra financial support from the council as a result of the stadium review.

Six-month results were also largely in the black across the council's group of companies, despite parent company Dunedin City Holdings Ltd's net surplus dropping by more than half, its report showed.

DCHL recorded a net surplus of $888,000, compared with $1.9 million for the corresponding period in 2014, but said the drop had been anticipated as dividends from subsidiary companies temporarily ceased.

Across the group, Aurora Energy's six-month after-tax profit was down, to $6.63 million from $7.3 million, while Delta's dropped to $1.85 million from $2.29million.

City Forests went the other way, as profit climbed to $5.04 million from $3.72 million, while the Taieri Gorge Railway Ltd recorded a $320,000 loss, worse than the $236,000 it lost in the same period in 2014.

Dunedin International Airport Ltd, in which the council has a 50% stake, grew its after-tax profit to $1.58 million, up from $1.12 million.

-chris.morris@odt.co.nz


DCC companies - six-month results
December 31, 2015 / December 31, 2014

Dunedin Venues Management Ltd $461,000 / -$1.03 million
Dunedin City Holdings Ltd $888,000 / $1.9 million
Aurora Energy $6.63 million / $7.3 million
Delta $1.85 million / $2.29 million
City Forests $5.04 million $3.72 million
Taieri Gorge Railway -$320,000 / -$236,000
Dunedin International Airport Ltd* $1.58 million / $1.12 million

*DCC has 50% stake


 

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