Recreational Aviation Australia (RAAus) has reported a surplus of $121,000 for the first six months of the 2017-18 financial year, compared to the forecast of $8000 for the same period.
The figure is one of several positive returns highlighted in an RAAus statement released last Friday,
"Our cash reserves remain in a healthy position with in excess of $741,000 in the bank at the end of December 2017," the statement says. "We expect these reserves to reduce in the coming six months and we forecast an end of year cash-on-hand balance of around $650,000 with an expectation that we return a small cash surplus at the end of the financial year."
In addition to the cash position, RAAus also released several other operating figures, including:
- A cash income figure 6.39% above budget
- Cash expenditure 2.12% below budget
- An increase in income of 13.37% against the same period 2016-17
- A decrease in spending of 9.02%
- Total assets of $2.09 million.
"Our result has been driven at both ends of the spectrum, savings and improved revenues," RAAus said. "The Board and Office team have worked hard in reducing costs and putting in place cost cutting measures, without reducing services to members.
"We have grown our income through increased membership and the setting of realistic membership fees."
The statement and figures were released only months after rumours circulated through the aviation industry that RAAus was close to insolvency, which CEO Michael Linke and other sources close to RAAus denied at the time.