SALES OF CURRENT

Otago Daily Times, Issue 26471, 27 May 1947, Page 3

SALES OF CURRENT

POWER BOARD FINANCES PROFIT IN TRADING DEPARTMENT In his annual report to the Waitaki Electric Power Board Mr C. F. Jones, secretary-treasurer, states, with figures for the previous year in parentheses for comparison, that* the net profit for the year was £1528 (£1580), and the balance in the appi’opriation account £6205 (£5448). The profit 'in the trading department of £2814 had, therefore, been reduced by a loss in other departments of £1286 (£972).

The trading account carried no portion of depreciation charges or interest on capital, and when it was remembered that the board's rates for electricity were subject to stabilisation regulations, and had therefore not been increased, although costs 'had been continually rising, the board's performance viewed as a whole was very satisfactory. Summary of Position

The turnover in the trading department was £27,528 (£21,934), an increase of £5594. The profit was £2814 (£2552), an increase of £Bl4. The balance outstanding, under hire-purchase accounts was £3173 (£3158). Sales of electricity increased by £9232 to £78,804 (£69,572). Power costs rose to £37,951 (£32,150), an increase of £SBOI, which absorbed 62 per cent, of the increase in revenue. The number of customers increased from 5293 to 5426. Re-, newal, repair and maintenance costs were £12,484 (£10,796), and the reserve now stood at £7854. Management and general costs were £2723 (£2371). The total loans raised amounted to £287,850, loans repaid to March 31, 1946, £70,035, last year £8049, total £78,084, leaving loans outstanding £189,766. Tire reserve funds were as follows General £8029, depreciation (Public Trust) £49,265, insurance £24, installations insurance £230, and maintenance £7854, total £65,*402. Estimates The engineer and the' secretarytreasurer submitted the following estimates for the "coming year, the actual figures for last -year being in parentheses: —Revenue from electricity sales £83,300 (£78,804), expenditure for cost of power, working and capital costs £83,844 (£80,512), leaving a deficit of £544. Revenue from rents, etc., was estimated at £4OO, and trading profit at £ISOO, leaving an estimated surplus of £1356.