THE SS & A Club has wiped almost $3 million from its overall debt since the major upheavals of 2009.
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The club’s annual report shows its debt has come down from $10.4 million to $7.7 million.
It also shows a pre-tax profit of $400,751 for the last financial year, compared to $597,113 a year ago.
But, the report reveals the Wodonga Golf Club remains a massive drain on the club’s operations.
The SS & A Club returned a profit of $967,060 from its Albury headquarters, compared to $1,369,475 last year.
In Wodonga, another loss of $566,305 was recorded, down on the $772,365 from the previous year.
Turnover broke through the $20 million mark with revenue increasing $360,382 from the past year.
The club lifted its spend on promotions for members and guests to $277,698.
Poker machine revenue remained about the same at $14 million.
Bar trade, at $2.4 million, was slightly up, as was catering, at $2.7 million.
Six years ago the club was in turmoil, with the departure of chairman Lindsay Poy and chief executive officer Andrew Terry and a further purge of directors.
This year it recorded a third successive group trading profit, of nearly $700,000, after five successive losses from 2007.
It paid out $5.7 million in wages and other costs.
Membership jumped to 17,671 from 15,386 a year ago.
President Eddie Dunlop said the subdivision of 3.4 hectares of surplus land at the golf course was nearing completion.
“The sale of this land will significantly help in the reduction of the overall debt. Once completed, it will allow other areas of the course to be subdivided,” he said.
“Over the next 12 months, you will see continued consolidation and reduction of the debt.”
The SS & A Club remains the major sponsor of the Ovens and Murray Football-Netball League and has donated money to the Albury Wodonga Carer Accommodation Centre, Country Hope, Wewak Street School, Age Concern Albury Wodonga, Carevan Foundation, Albury RSL, Albury Legacy and Upper Murray Family Care.
The annual meeting will be held on October 29.