QRU posts profit for 2017

Super Rugby
by Sam Phillips

The Reds are back in the black, posting a positive earnings before interest and depreciation (EBITDA) of $838,320 for 2017.

The bottom line profit of $22,263 is a significant improvement on the financial loss of $789,380 in 2016 and an enormous step up from the $2.1 million loss in 2015.

The result will be reported to when the QRU holds its first Annual General Meeting of the year.

The bottom line was, once again, hit hard by the depreciation of Ballymore as an asset, costing the body approximately $800,000 in depreciation.The Reds took a hit to their bottom line when they sacked Nick Stiles. Photo: Getty ImagesStreamlining, as the QRU put it, has also helped aid the costs owed to Nick Stiles, Matt O'Connor and John Connolly, who had a $150,000 court settlement awarded in his favour last year.

QRU chairman Damien Frawley said the he continuation of St George bank as the Reds' principle, naming rights sponsor had also been a significant factor in the result.

"Rugby in Australia has faced a number of financial and reputational challenges this year and the QRU has not been immune from experiencing some of the broader knock-on effects," Frawley said.

"However, the QRU’s re-signing of the St.George Bank as our principle naming-rights partner in August means St.George have been with the QRU for over a decade, illustrating that rugby in Queensland is an attractive proposition for our commercial partners."