Whitestone Contracting Ltd has turned in a deficit for the last financial year, but that was after it paid more than $1 million to the council and paid more than $134,000 for donations and sponsorships.
The company, which is wholly-owned by the Waitaki District Council, employs up to 170 staff and injects almost $8.6 million in salaries and wages into the local economy each year.
Its report for the 2008-09 financial year, which will be presented to the council meeting today, records an after-tax loss of $311,149 compared with a profit of $533,577 the previous financial year.
However, that loss was recorded after a $1.144 million subvention payment (like a dividend) was made to the council.
The previous financial year's subvention payment was $300,000.
The company also made donations and sponsorships to local projects and organisations totalling $134,072 in 2008-09, compared to $32,385 in the 2007-08 financial year.
That included $100,000 for naming rights of the main auditorium in the $10.3 million redevelopment of the Opera House in Oamaru and its continued naming rights sponsorship for Whitestone Contracting Stadium at Centennial Park.
Other highlights during the last financial year outlined by the company's chairman, John Walker, included an increase in turnover from $20.3 million in 2007-08 to almost $21.5 million, being awarded the Waimate District Council roading maintenance contract and continuing to hold overheads at a reduced level.
Operating expenses for the company rose from $19.22 million in 2007-08 to $20.53 million last financial year.
In terms of the current financial year, Mr Walker said the workload had, so far, been moderate.
Directors were "exercising due caution" because it was unclear at this stage whether the level of activity would improve to that experienced in 2008-09.
"The company focus over the next 12 months will be on improved job control and financial performance," he said.
Mr Walker emphasised the company's continued commitment to the region.
It maintained depots throughout the region which allowed it to respond to emergencies such as flooding and snow in a "proactive manner".
It also worked closely with the civil defence authorities to ensure a positive response in emergencies.
The company undertakes roading and civil construction, road maintenance, water and waste water management, landfill and refuse operations, landscaping and cultivation and also operates quarries.
