Mulwala Water Ski Club Board will announce a record profit of over $1.145 million at its Annual General Meeting this Sunday.August 19, 2014 3:56pm
The actual profit figure for the financial year ending June 30, 2014 is $1,145,954 which is $426,000 more than the club’s all-time profit record set in 1991 and up on last year’s impressive result by $418,735 or 58%.
Ski Club CEO Peter Duncan said the 7,200 member club is benefiting from his management team’s leadership, the strategic investment in new facilities over the last few years and conservative efforts to reduce cost and become more efficient.
“It is pleasing to see all areas of the club continually growing into this last financial year,” Mr Duncan said.
“Our bars, pokies, keno, TAB, snack bar and Holiday Park have all experienced an increase.
“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 continued their plan to reduce the club’s level of debt, with an aim of paying it off by the end of 2017, 12 months earlier than first forecasted when the level of debt was close to $6 million.
In the 2011financial year the club paid $570,000 which cleared the loan of $1.2 million for the holiday park development of 10 new apartments. In the 2012/13 financial year paid a further $600,000 off the principal of the loan. In 2013/14 financial year the club paid a further $680,000 off the loan that now stands at under $3million.
Mr Duncan said the profit result was also pleasing because $211,000 was also paid in interest on the debt and capital improvements in the club were well over $1M for the financial year.
“This focus on continually improving the club’s facilities has been a big reason why we have seen growth on growth,” Mr Duncan said.
“The board have prepared to spend on strategic improvements for the club while at the same time we have been able to manage and reduce our debt.”
Capital Improvements during the last financial year included; New carpet in the main lounge; Extension to the Coffee Shop; update outdoor gaming area; new chairs in the gaming and keno lounge; new kitchen facilities in the Chinese restaurant; new waterfront apartment in the holiday park; Two new ski jumps; A new cash register system; And a constant focus on upgrading poker machines.
Donations and sponsorship of $104,000 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 $675,000 was spent last financial year on promotions, bingo and raffle prizes with an emphasis on using 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. The successful hosting of the World Barefoot Championships was another highlight of the year and the club now look forward to hosting the Australian Water Ski Championships in Easter next year along with the Barefoot Nationals, A Ski Racing Event in August and Formula Boat Racing annual Grand Prix in April.
Sourcing the best in entertainment will remain a focus for the club while attracting and maintaining existing events such as the Red Hot Summer Tour which is planned for Jan 3 this summer.
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. He 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 develop a new conference room, develop an up-market lounge bar, revamp the main bar, build a cover over the deck area and continue the focus on upgrading further facilities at the holiday park.
The ski club's general meeting will be held at the club on Sunday, August 24 at 11am.
UPDATE: The CFA has downgraded its advice message.
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