Outlook positive for Whitestone

Whitestone Contracting Ltd expects "a more positive outcome" at the end of this financial year than the loss it has recorded in the first six months, according to chairman of directors John Walker.

Mr Walker recently outlined the company's half-year result for the 2009-10 financial year to its sole shareholder, the Waitaki District Council.

It showed a $52,838 loss for the first six months, before donations, sponsorship and tax.

After tax recoveries, this resulted in a loss of $16,371.

Mr Walker said the company and contracting industry had gone through tough times that had significantly reduced workloads in the first half of the financial year.

However, this had now "significantly picked up" and there was ample work for the company to cover the balance of this financial year.

"We expect a more positive outcome at the end of the second six months," he said.

Most of Whitestone's work was in the Waitaki, Mackenzie and Waimate areas, where the company also holds the road maintenance contracts for the three district councils.

Work included a substantial contact for a private subdivision in the Mackenzie district.

"The pendulum has swung quite rapidly in the other direction in the past three to four weeks from little to plentiful work," he said.

Whitestone did not expect to achieve the margins on work it had before the recession because the industry remained competitive.

 

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