The New Zealand Metropolitan Trotting Club (NZMTC) has announced its annual result for the year ending 31 July 2013.
NZMTC Chairman David Rankin said “as with any business operating in Christchurch post-earthquake, particularly one engaged in the entertainment and hospitality sector, it has certainly been a challenging year. Despite these many on-going challenges, the NZMTC was pleased to record an operating surplus of $620,791, which in itself is an outstanding result. When combined with other revenue including net fair value gains on investment and development property, a final surplus of $1,806,764 was reported.”
This result was achieved whilst increasing stakes and other initiatives paid to the industry by 3.4%. Contributions from a diversified income base, namely the Events Centre and commercial property initiatives, play an important role in preserving and growing sustainable payments to the industry. With this in mind significant re-investment for the future in a number of areas was made by the Club during the year including the soft refurbishment of the Metropolitan Stand and development of “Spectators” bar and bistro, in addition to continuing with its debt repayment programme, in particular the settlement of the $6.1 million loan to the New Zealand Racing Board.
The Annual Report can be viewed at www.addington.co.nz