Home / News and Events / Media Releases / GNS annual profit

GNS nearly doubles its annual profit - 27/10/1998

The Institute of Geological & Nuclear Sciences Limited has almost doubled its after-tax profit to $1,032,000 for the year to June 30. Last year's after-tax profit was $564,000.

GNS' operating surplus of $1,571,000 was a strong improvement on last year's $1,124,000, and $198,000 ahead of budget.

GNS' Annual Report, tabled in Parliament this week, showed a 12.4 percent return on equity after tax and after profit-share - against the 1997 figure of 7.5 percent.

Total revenue was $26.9 million ($24.7 million). However, Chairman Derek Milne expressed concern at the declining commitment of Government to the Public Good Science Fund (PGSF).

" While GNS has achieved a much improved financial position, there is an urgent need to develop new commercial revenues to counter the continuing uncertainty over the future of New Zealand science.''

Chief Executive Andrew West said GNS had well and truly turned the corner in what had been an exceptionally productive year. Staff had responded very positively to a number of major changes during the year including shifting all Wellington staff onto the Gracefield Research Centre and restructuring the Company's 19 discipline-centred divisions into nine market-focused sections.

" The challenge now is to pay scientists what they are worth, which is considerably more than most are paid at present," Dr West said.

John Callan
Communications Manager
Institute of Geological & Nuclear Sciences Limited
Ph: 04-570-1444 (w)