Golf: NZ Open records $695,472 loss

New Zealand Golf last year lost almost $700,000 in holding the New Zealand Open championship and another $345,000 on normal operations.

However, NZG expect a surplus for the 2007 year, its chairman Philip Hassall said yesterday.

The Open loss, amounting to $695,472, was an unacceptable drain on New Zealand Golf's reserves, he said. Among the one-off costs that contributed to the size of the loss were development of intellectual property, consultant costs, unrealised sponsorship, and unexpected additional administrative costs.