The Commercial Club has overcome the biggest disruption to trading in its 118-year history to record a operating profit of almost $500,000 last financial year.
Subscribe now for unlimited access.
or signup to continue reading
Albury's oldest licensed club joined others in NSW in being closed down for 10 weeks from early March when COVID-19 hit.
The club's year to date profit at the end of February was $1.7 million and despite the summer-long bushfires it was on target to go close to the $3.1 million trading profit recorded in 2018-19.
General manager Jeff Duck revealed at Wednesday night's annual meeting the impact of restrictions imposed on the club resulted in losses of $7.5 million in net poker machine income and combined $3.4 million losses in bar and catering sales.
But a $474,615 trading profit was achieved.
IN OTHER NEWS
Gaming revenue was down from $37.3 million last year to $29.5 million with sales in the same period down from $15.2 million to almost $12 million.
This year the club undertook a revaluation of its land and building with an "impairment" assessment revealing a book loss of $3.5 million at the end of the 2019-20 financial year.
"Under challenging and testing times, I would like to say 'thank you' to all Commercial Club members for their support, understanding and co-operation throughout the year," Mr Duck said.
"It is the support of our club members which will ensure the financial security and success of the club as we trade through these times.
"The COVID-19 pandemic has been challenging for all Commercial Club staff and their families.
"The club will aim to provide job security, stability and normality for all staff in order to provide members and their guests the best possible service."
The club's membership at the end of the financial year was 23,796, slightly down on last year.
A board election took place recently with Graeme Edgar, Andrew Sobolewski, Carolyn Takle, Graham Robertson, Jim Maher, Barry Weissel, Chris Wenke and Eddie Simmons re-elected with Bernard Harrison the only other candidate in the race.
