The Queensland Rugby Union's financials appear to be back on the rise after posting a small EBITDA profit just shy of $175,000 for the 2016 financial year.
The $174,329 profit drops to a bottom line loss of $789,380 when interest and depreciation are factored in, which is a marked improvement on the $2.1 million loss for the 2015 financial year.
It's understood the large majority of that depreciation stems from the upkeep of the Ballymore grounds.
The result is a quick near $1.4 million turnaround after the organisation plummeted to a $2.1 million loss in 2015, just 12 months after posting a bottom line profit of $354,624.The QRU has also absorbed more than $1 million in one-off and restructuring costs as part of "streamlining operations", which will also appear on the balance sheet in the first quarter of 2017.
“At a Board level, we have continued to implement an urgent and proactive approach to the financial challenges faced by the organisation," QRU Chairman Damien Frawley said.
"The organisational changes and restructuring undertaken in 2016 will enable the organisation to emerge from a period of financial hardship, and create a sustainable platform for growth.
"Notably, the QRU achieved 100% completion of its ARU funded initiatives in 2016 – primarily focusing on Community Rugby - and will continue to do so in 2017.
While the final figures are now there for all to see, the full scope of the financials will be released when the QRU Annual General Meeting is held on March 11.