Cautious approach a win for MLT
THE Mataura Licensing Trust has ridden the high seas of 2020’s Covid storm and emerged shipshape.
The trust’s annual report released last week shows total sales of $25,196,779, down $362,411 on the previous year.
However, the net profit pretax and donations was $1,048,325, about three times more than in 201920 when the figure was $300,094.
The trust’s net surplus was $750,546, up from $544,941 the year before.
General manager Mark Paterson said the board had taken a cautious approach to keep the operation going and it had paid off.
‘‘What we wanted to do in Covid last year with all the uncertainty, was preserve the trust so we could live to fight another day,’’ Mr Paterson said.
‘‘We have done that and done that well.
‘‘We’re not in any jeopardy at all of going under or being compromised.’’
Suspending all nonessential maintenance and repairs resulted in a saving of $858,000.
‘‘We just shut up shop and rode it out.’’
Apart from seven of the 11 bottle stores which were open due to being designated an essential service, the trust’s accommodation and hospitality venues were shut down for more than a month.
While the income from accommodation was down 27%, bar turnover down 15% and food down 9%, bottle store sales were up 5%. The Government Covid19 wage subsidy contributed $780,000 to the wage bill.
The amount the trust gave away in grants was down from $451,000 in 201920 to $252,000.
This was due to many events being cancelled, he said.
Donations were also down from $85,298 in 201920 to $46,259.
The 202122 year had started positively before the latest lockdown, he said.
At the end of the first quarter (June 30) the trust was showing a pretax profit of $113,000.
As a precaution against a further lockdowns and because of
Covid the board decided to invest $500,000 in a relatively conservative “rainy day” fund.
Trust chairman Horace McAuley said the result was pleasing in what had been a difficult year.
‘‘Everything taken into account, it’s a great result.
‘‘I think it is testament to the support we continue to receive from our trust friends and also the work that has gone in from all our staff,’’ Mr McAuley said.