PROFIT OF £2841
First Nine Months of Power BoardYear "VERYSATISFACTORY,> A proflt of £2841 on the first nine months of the Hawke's Bay Electric Power Board's financial year is revealed in a statement issued at yesterday's hoard meeting by the managiugBecretary, Mr H. H. Wylie. This proflt is for the nine months ended December 31 last, and is £489 less than the profit for the . corresponding period^ of last year. "The results may he taken as very satisfactory indeed, considering the1 large reduction in tariff made at tlie beginning of.the year," reported Mr Wylie. "The figures show that the revenue from the sale of electricity- is approximately the same as last year, again illustrating that judicious reductions in tariff will result in increased business. The amount paid the Public Works Department for power haa increased by £2382, but this was anticipated, as the increased loading must be f ollowed by increased purchases. , ' ' The final gross profit is very near the estimates, the figures for the 'nine months being as follow; —
"Dealing with the expenditure items, the amount -for depreciation. ha's increased owing to the increased depreciable asisets. The item for salaries has increased slightly, while general administration is practically the same. The item for materials, wages, and transport is considerably reduced. The variation in this amount is due to the board 's activities ' being mainly confined to capital extensions, and the maintenance work done is somewhat below the average. The maintenance item will be relatively higher during the last three months of this financial year. "In my report presented to the board at the meeting on November 10, 1936, when the annual estimates were revised, I estimated that the profit for the year ended March 31, 1937, would he £5515, and.I can see no reason to vary that estimate."
Actual Estimate £ £ Sales of electricity ... 61,550 61,833 Purchase of bulk power 29,178 29,700 Gross profit .... 32,372 32,113
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Bibliographic details
Hawke's Bay Herald-Tribune, Issue 34, 24 February 1937, Page 6
Word Count
316PROFIT OF £2841 Hawke's Bay Herald-Tribune, Issue 34, 24 February 1937, Page 6
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