Forsyth Barr Stadium Picks Up Its Game

Forsyth Barr Stadium Picks Up Its Game

The parent company of Forsyth Barr Stadium has posted a $1 million profit despite forecasting significantly smaller earnings for the last financial quarter.

The company, Dunedin Venues Management Limited (DVML), manages a number of Dunedin City Council owned venues including the Dunedin Centre, the Dunedin Town Hall and Forsyth Barr Stadium. 

DVML confirmed their profit in the release of their latest six-month report. Their financial report showed the company had successfully generated profits of $461,000. 

The development came as a surprise following $1.03 million loss for the period ending December 31 in the previous year. DVML forecasted a modest profit of $440,000 for the 2016-17 period, which would rise to $500,000 in 2017-18 and then $550,000 in 2018-19. The company says the future forecasts will likely be updated considering the larger earnings for this year.

However, DVML says the increase in profit has not come as a surprise. Company spokesperson Kim Barnes said that increasing profit has been a major focus for DVML over the past year.

“A major focus of DVML [has been] to deliver a profitable business to the ratepayers of [Dunedin].” 

Ms Barnes also offered a number of reasons believed to have stimulated the rise in income.

“There are numerous factors including the awareness and confidence from international promoters, not just for Forsyth Barr Stadium but also the Dunedin Centre and Town Hall. [The] increased event schedule and the focus on consumer engagement” have all contributed to the improved performance of the company said Ms Barnes.

Ms Barnes went on to say that the company plans to continue its efforts to maximise profits in the future.

“DVML will continue to deliver profitable events that generate economic benefit to the city and maximising room utilisation across all venues.”

This article first appeared in Issue 1, 2016.
Posted 10:55am Sunday 28th February 2016 by Henry Napier.