A surplus of $147,297 has been recorded by Waitaki District Council-owned company Waitaki Development Board for the past financial year, the first year it has included income from the Blue Penguin Colony and Alps 2 Ocean cycleway.
The company also operates Tourism Waitaki and was part-funded by the council, with operating grants of $598,560 during 2013-14, down from $693,402 the previous year, in return for providing contracted services such as the i-SITE information centre on its behalf.
Showing up in its revenue of $2.069 million ($922,228 in the previous financial year) for the first time was $930,590 from the Blue Penguin Colony tourist operation at the Oamaru Harbour and $275,000 in Alps 2 Ocean funding contributions.
But that extra income was also attached to increased operating expenses, which included running both those operations - a total of $1.922 million, compared with $917,950 in the previous financial year.
Board chairwoman for the 2013-14 financial year Annabel Berry said the pre-tax surplus was due primarily to non-realised capital expenses, deferred maintenance and promotional costs associated with both the penguin colony and cycleway and delayed restructuring expenses projected for this financial year.
Board general manager Jason Gaskill said all the trading organisations, including the penguin colony and cycleway, were working more closely together, improving the profitability and long-term viability of the organisation.
Mrs Berry said the company had instigated strategies last year to increase efficiencies and ensure it retained control of its commercial operations.
A review of all business units was completed, due to a reduction in funding over recent years and key changes in the tourism industry, to ensure a more collaborative approach and to generate future revenue.
Looking forward, further development of the Alps 2 Ocean cycleway continued to be a key project, but the board was adopting a cautious approach over the next three to five years while it was still getting established.
Development of the penguin colony would continue, with a focus on increasing day tours.
