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Lotteries Surplus on Target

Lotteries Surplus on Target

The New Zealand Lotteries Commission’s net surplus for the six months to 31 December 2002 was above budget, with sales also running slightly ahead of budget.

This spelt good news for the Lottery Grants Board, which distributes lottery profits for sporting, arts and community activities throughout New Zealand. Profits were on target to deliver the $105 million budgeted for 2002/03.

Releasing NZLC’s half-year result, Chief Financial Officer Warren Salisbury said the net surplus of $53.3 million was 4.3% above budget.

This was mainly attributable to a strong sales performance in the second quarter when sales had been at levels not seen for two years. Sales of Lotto itself following the introduction of the new “Guaranteed Millionaire every week” format in November had been ahead of budget.

Overall sales of $277.2 million were 0.6% above budget and expenses were 0.4% below budget at $22.3 million. Factors influencing the level of sales included Powerball’s jackpotting run in November and a strong sales performance over the Christmas period.

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