News

ECT announces end of year financial result

The Eastland Community Trust has posted a $6.83 million nett profit result for the 2008-2009 financial year - an eight percent increase on 2007-08.

Announcing the result at the trust's annual general meeting, chairman Gary Alexander said it was a pleasing result in difficult financial times and he was pleased the trust's conservative investment approach continued to provide a healthy return for the community's benefit now and in the future.

Contributing to the result was the trust's investment in the Eastland Group, which earlier announced a record year in 2008-09 recording a $6.86 million after tax profit and a record dividend paid to the Eastland Community Trust of $3.8 million.

2008-09 saw the trust support two larger projects including the Eastland Community Trust Healthy Homes project which was funded for a three year period at a maximum of $500,000 per year. This project, run in conjunction with EECA and others, provides complete home insulation services to those most in need.

The second project, in conjunction with the Gisborne Chamber of Commerce, involved the introduction of Air New Zealand Q300 services into Gisborne. The Q300, being a much larger 50 seat aircraft, gives greater capacity to air services for business and the community at large. This project involves trust funding of just over $100,000 per annum for three years.

This was the first year of the trust's thrust to introduce "transformational" community investments along with targeted sponsorships. A total of $1.7 million was allocated for community investment in the 2009 year and, as this was not fully utilised, the unallocated $1 million will be rolled into the total sum available for the 2010 year.

Mr Alexander noted the contribution of retiring trustee Joe Martin who was replaced on the trust by Philip Searle. "On behalf of the trustees I would also like to thank the directors, management and staff of all the entities in the wider group for the year's positive performance despite the tough economic times. "I would also like to thank my fellow trustees for their continued diligence in preserving and growing the trust funds in harsh economic climates and in adhering to the strategic direction set out," he said.