POWER BOARD PROFITS

Daily Telegraph (Napier), Volume 58, Issue 72, 27 April 1929, Page 6

POWER BOARD PROFITS

CENTRAL HAWKE'S BAY BODY'S FINANCE. STATEMENT BY SECRETARY. An cxcess of revenue over expenditure amounting to £2929 16s lOd was shown in a speeial financial statement sliowing the year's workings in detail presented to members of tbe Central Hawke's Bay Electric Power Board at the meeting of that body yesterday by tbe secretary. Tlie statement sbowed that expenditure for the vear ended March 31, 1929, totalled £15,779 18s 9d, tbe estimated expenditure over tbat period liaving been £15,385 14s 9d. Tbe anticipated revenue over the period, however, liad amounted to £15,965 15s lld, wbile tbe actual revenue earned bad totalled £1S,689 14s 9d. Of the excess it luid been necessary to set aside £2500 for depreciation, wliilst £200 bad been written off the Waipukurau borough goodwill. The net revenue aecount tlierefore disclosed an actual profit of £209 16s. Tbe total revenue earned for vsale of energy over the wliole nrea -was £17,376 18s 3d, as against £15,093 6s lOd in tbe previous vear. Tbe increase in revenue over tlie whole area therefore equals 15. 1 per cent, wliereas the cost of energy to the board has inereased by 22.08 per cent. During tbe year tlie amount of loan account expenditure totalled £10,330. A good deal of tbe money lias so far been unproductive to any extent but will sbortly come into profit. Tlie average capital cost per consumer in tbe board's area up to March 31 was £90 7s 5d.