Ettalong Beach Club sees profit next year

This year’s result was before taking a $15.2 million hit following the revaluation of the Club’s property assets that saw land and buildings reduced in value to $18.6 million.

Commenting on this year’s figures General Manager, Melissa Hamilton said that the Club had now completed the majority of the necessary restructuring, with considerable progress being made financially.

“This is a one-off situation which needed to be addressed so that the club could move forward positively,” said Ms Hamilton.

“At the end of the financial year the Club was able to come to an agreement with Suncorp Metway that has allowed our debt repayments to be consolidated and allowed the Club to project a budgeted profit for the coming year,” she said.

In her report to members, Ms Hamilton said, “I think it is now safe to say that the first part of the challenge has officially been met. With the assistance of Campbell Advisory and Club Consultant, Kevin Harvey, the club has made it back from the brink.

“We have restructured our team and pursued a renewed focus on internal procedures and policies – a lot of people have been a part of making this all happen and ensuring that Ettalong Beach War Memorial Club has a future,” said Ms Hamilton.

With financial backing from Suncorp Metway, the Club is now re-launching. “From this point on, it’s about a strong future together, starting with a celebration for members and guests,” said Ms Hamilton. Early next year will see the interior of the Club re-designed and re-furbished.

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