Mulwala Water Ski Club has officially announced a near-record breaking $727,218 profit for last financial year after achieving a record turnover.By Jared Loughnan
The figure was just $8,000 shy of breaking the club’s all-time profit record set in 1991.
Ski Club CEO Peter Duncan said the club is benefiting from efforts over the last several years to reduce costs and become more efficient but was delighted to see all areas of the club grow in the last financial year.
“It is pleasing to see all areas of the club growing. This has not happened for quite a while,” Mr Duncan said.
“Our bars, pokies, keno, TAB, snack bar and holiday park all experienced an increase. We are even seeing the ski park becoming more viable.
“This shows we have found the right mix in what we are delivering to our members and guests.
“We are mindful of our professional hospitality and service and we are always trying to match this with the right mix of entertainment and a unique experience.”
Mr Duncan said the board have also put a lot of emphasis on reducing the level of debt, with an aim of paying it off by 2018. In the 2011/12 financial year the club completed paying off the $1.2 million holiday park development of 10 new apartments and in the last financial year paid a further $600,000 off the principal of the loan.
Mr Duncan said the profit result was also pleasing because $260,000 was also paid in interest on the debt.
The reduction by the NSW Government in September 2011 in tax paid by licensed clubs has also contributed to assisting profit levels.
“Our focus is always attracting more events, people and families to the club and Yarrawonga Mulwala and we will continue to do that,” Mr Duncan said.
Mr Duncan highlighted the success of the Red Hot Summer Tour held in January this year in attracting people to the club and Yarrawonga Mulwala.
“This is a very successful event that attracted just shy of three and a half thousand people and we are aiming to again attract similar numbers this January with some big line acts soon to be announced.”
The club also extended its popular deck overlooking the lagoon, completed the adjacent playground and further developed the coffee shop in the clubhouse all adding to the attraction of the club.
Donations of $103,000 were also made by the club to various local groups and services.
Mr Duncan also emphasised the important support the club offered to local businesses with its many giveaways and promotions.
“Close to $400,000 was spent last financial year on bingo and raffle prizes all with local businesses and that’s extra money going into the community,” Mr Duncan said.
The board also remained focused on supporting the skiing and representation of the club as an elite sporting club.
A successful year in skiing delivered another “World class summer ski show” backed up by winning the National Ski Show Titles in Perth and then sending several skiers to represent the club with the Australian team that finished third in the World Ski Show Titles in China recently.
The successful hosting of the World Junior Ski Championships was another highlight of the year and the club now look forward to hosting the World Barefoot Championships early next year.
Mr Duncan paid tribute to the staff. “Our staff contributed so much to this fantastic result. They deliver great service to the club's members and guests. Mr Duncan also praised the club's directors for their leadership in the face of some major challenges in recent years and their ability to make the right decisions.
Mr Duncan said the board look forward to this current financial year with continued optimism with some initial plans to upgrade the lounge facilities, recarpet the main lounge, expand the coffee shop and snack bar, then focusing on upgrading accommodation facilities at the holiday park.
The ski club's annual general meeting will be held at the club on Sunday, October 27 at 11am.
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