After five consecutive years of of pre-tax profits exceeding $1 million, Whitestone Contracting Ltd’s strong financial returns have further improved, with a record profit during the 2017-18 financial year.
The Waitaki District Council-controlled organisation’s annual report, released this week, will be presented to councillors at an extraordinary meeting of the council on Tuesday.
In the year to June 30 it showed the company, based at Deborah, south of Oamaru, achieved a pre-tax profit of $1,365,363, up 35% on the corresponding year.
After tax, donations and subvention payments that totalled $402,424, the company recorded a surplus of $962,939.Total revenue was $26.561 million. The company’s total equity was reported as $13.263 million and it had assets valued at $17.122 million.
Employee benefits totalled $8.550 million. Sixteen of the company’s approximately 130 employees received remuneration of more than $100,000, and its five directors received a combined $196,000.
One employee received remuneration of between $280,000 and $290,000. In his chairman’s report, Whitestone Contracting Ltd chairman Michael de Buyzer said the company’s strong financial year had resulted in a more than 10% return on shareholder investments, and that it was "positive".
The company completed several large projects, including the construction of the $5.2 million, 34km HamNak water pipeline to deliver Oamaru drinking water to communities in Herbert, Waianakarua, Hampden and Moeraki, the Oamaru water main upgrade, and landscaping at Observatory Village Lifecare.
Projects completed outside the Waitaki district included water main upgrades at Tapanui and Waikouaiti, the Abbeyfield Subdivision at Mosgiel, the Lake Tekapo Enterprises subdivision, and landscaping at the Shotover and Hanley’s Farm subdivisions at Queenstown.
Whitestone also had ongoing maintenance contracts with the Mackenzie and Waimate District Councils.
