Whitestone’s profit up

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Whitestone Contracting Ltd’s operating profit for the six months to December 2015 is up more than $100,000 on 2014.
The council-owned company released its report for the first six months of the 2015-16 financial year this week. It was presented to committee members at a meeting of the Waitaki District Council’s finance, audit and risk committee last Wednesday.
In the report, Whitestone Contracting chairman John Walker said the company had made a “solid” start this financial year.
Profit before tax, subvention payments and donations was $464,073, compared to $359,697 for the same period last year, while the company’s operating revenue, at $11.261 million, was up $664,646, or just over 6%, on the six months to December 2014.
The company paid a dividend to the council of $272,000.
Mr Walker said the company had completed, or was close to completing, several major projects. They included Badhams Bridge in Timaru district, stage one of the Radius Residential Care Village in Timaru, asphalt reinstatement in Christchurch, the Shotover Park development in Queenstown, portacom installation at the University of Otago, and the Cairns and Lochinver subdivisions in Tekapo.
Whitestone’s main work in Waitaki was footpath renovation, alongside several other projects and a “significant” maintenance workload.
It had retained the Mackenzie District Council road-maintenance contract for at least five years, and had added the Waimate District Council’s road maintenance contract.
Mr Walker said Whitestone’s outlook was positive.
“The company continues to actively tender for projects to maintain the required volumes of work necessary to deliver the expected return on investment to the shareholder. “The South Island contracting market continues to be both buoyant and highly competitive.”