Cautious approach a win for MLT
The trust’s annual report released last week shows total sales of $ 25,196,779, down $ 362,411 from the previous year.
However, net income before taxes and donations was $ 1,048,325, about three times more than in 2019-2020, when it was $ 300,094.
The net surplus of the trust was $ 750,546, up from $ 544,941 the previous year.
Managing Director Mark Paterson said the board has taken a cautious approach to keep the deal going and it has paid off.
“What we wanted to do at Covid last year with all the uncertainty, was preserve the trust so that we could live to fight another day,” Mr. Paterson said.
We did it and we did it well.
“We are in no risk of sinking or being compromised. “
The suspension of all non-essential maintenance and repair work saved $ 858,000.
“We just closed the shop and walked out.”
In addition to seven of the 11 bottle stores that were open due to the essential service designation, the trust’s accommodations and hospitality were closed for more than a month.
While accommodation revenues fell 27%, bar turnover by 15% and catering by 9%, bottle store sales increased by 5%. The Covid-19 government wage subsidy contributed $ 780,000 to the payroll.
The amount the trust gave in grants increased from $ 451,000 in 2019-2020 to $ 252,000.
This was due to the cancellation of many events, he said.
Donations also decreased, from $ 85,298 in 2019-2020 to $ 46,259.
The year 2021-22 had started positively before the last lockdown, he said.
At the end of the first quarter (June 30), the trust posted earnings before tax of $ 113,000.
As a precaution against further blockages and because of Covid, the board of directors decided to invest $ 500,000 in a relatively conservative “rainy day” fund.
Trust chairman Horace McAuley said the outcome was satisfactory during a difficult year.
All taken into account, this is a very good result.
“I think this is a testament to the support we continue to receive from our trusted friends and also the work of all of our staff,” said McAuley.