ILT sales increase

The Invercargill Licensing Trust is cautiously celebrating an increase in its sales for the first time since the nationwide Covid-19 lockdown.

The October numbers were presented by ILT chief executive Chris Ramsay at a board meeting yesterday.

However, despite the 9.2% profit increase, the numbers would not be enough to turn the year around, he said.

The trust recorded a profit before tax of $830,000 for October.

Mr Ramsay said yesterday this meant a 5.7% increase in total sales, compared with the same month last year.

A big part of the good result was due to off-premise bottle store businesses and profit from the ILT’s bars and restaurants, he said.

Accommodation was tracking "far behind" — and would remain that way until the country opened its borders, he said.

Mr Ramsay said the trust lost about $7million in sales during the lockdown period, making its year-to-date profit $65,000 lower than last year’s result.

"However, we are happy with the way we are performing, given the challenges every business is facing."

 

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