21 Nov 2013 18:50pm
WINDHOEK, 21 NOV (NAMPA) - The Windhoek Country Club Resort and Casino (WCCR) has recorded an increase in revenue of 11,2 per cent, which has been attributed to the increase of hotel turnover and a growth in casino revenues.
During this financial year ended in June, the hotel turnover by 4,6 per cent, while the casinos revenue increased by 15,4 per cent.
WCCR Board Chairperson Sven Thieme said at a media conference here on Thursday the net profit for this period under review improved from N.dollars 8,8 million to N.dollars 9,2 million, while total operations for the period under review resulted in a reduction of total comprehensive income from N.dollars 5,8 million to N.dollars 4,6 million.
He stated that one of the highlights was the fact that the complete preference share and repayment of N.dollars 40 million to the Government Institutions Pension Fund (GIPF) had been resolved.
GIPF availed loans to the WCCR since its establishment for construction and upgrading purposes.
More great achievements include the positive cash position we are in and the continuation of improving on performance management with regards to our top level management, Thieme indicated.
He went on to say last year was not without its challenges.
The ongoing global crisis still affects the tourism industry and it is therefore even more laudable that we can look back at strong results, he stated.
The WCCR Board Chairperson said they further face increased competition in the market.
We welcome competition and it has spurned us on to greater heights. Our performance is testimony to this, he boasted.
Another challenge experienced last year was the fact that they had to slow down the upgrading process due to the fact that they were almost fully booked all the time.
In order not to disrupt our client's peaceful stay, we opted to continue with the renovations once we have a slower period in the next year, she said.