Westroads records $1.2m prof it

By Janna Sherman
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Westroads has ended the financial year on a $1.2 million high.
The Westland District Council-owned contracting company announced the audited profit yesterday. It was just shy of last year’s record $1.3 million profit.
Westroads chairman Durham Havill said it was an “impressive result” — a pre-tax return on shareholder funds of 22%.
“Given that the ratepayers only invested $1.4m of assets into Westroads when it was set up, this sort of return is outstanding,” Mr Havill said.
“They can also look forward to a healthy distribution from the company to assist with rates.”
Mr Havill said the net worth of Westroads had grown to $5.5m
and the outlook for the next financial year looked positive, with the recent gain of several new contracts, including a Grey District Council roading contract.
Since its inception in 1995, Westroads has paid the Westland District Council dividends of more than $4m.
The company employs about 80 staff, with depots located in both Hokitika and Greymouth.