Queenstown’s council-owned regulatory company Lakes Environmental has stemmed its financial haemorrhaging – at least for now.
LE’s latest six-monthly financials to December 31 record a pre-tax profit of $162,435, compared with a 2011 loss of $56,489 for the same period.
The $219,000 turnaround comes from $168,000 of extra revenue and $51,000 of cost savings.
Chairman Anne Urlwin says the extra income came mainly “from the slow but steady increase in the level of consents processed”.
Urlwin predicts consent volumes will continue at similar levels for the second half of this financial year.
In financial year 2012, LE reported a minuscule pre-tax profit of just $6479, compared with $248,028 the previous year.
With LE being a declared target of Queenstown Lakes District Council’s operational review, the latest figures may help staff at the regulatory firm sleep a little easier.