Mardi Gras reveals a financial deficit but plans to be in surplus next year.

Plagued by inclement weather and restrictions upon ticket sales, Mardi Gras has reported a loss of $73,057. The organisation had hoped to be in the black this year and report a small profit, but it was not to be…

The report released to members last night comments:

We have completed our end of financial year accounts and advise that we are reporting a small loss for the 2011/12 financial year. We had forecast a modest net profit this year, but due to a number of factors this was not achieved.

The continued turnaround from the 2010 result has been steady, as we rebuild in difficult economic times after the Parade/Party split of 2010. Over the last 3 years we have improved our financial result year on year, from a loss of $575,627 in 2010, to a loss of $133,678 in 2011, to this year’s result of a loss of $73,057. This year’s result represents approximately 1.8% of our total turnover.

Given this trajectory of improvement and the measures that have been implemented over the last year, we are on track to return to a sustainable profit in the next financial year. SGLMG’s retained earnings as at 31 March, 2012 were $828,644.

Those interested in reading the final audited results can read the report at mardigras.org.au/annualreport