Two sets of financial figures presented with Tauranga City Venues Ltd's half yearly results caused some confusion at Monday's city council projects and monitoring committee meeting.

TCVL is the CCO that runs Baypark speedway, the TECT Arena and the catering business at the arena.

In the six months under review TCVAL has purchased the speedway business from the previous promoter, bought the catering business and taken up the operation of the arena which opened in August.

The two sets of figures represent the CCO's statement of intent before and after those events occurred, says TCVL CEO Irvin McSweeney.

'That would have been our last statement of intent made before we purchased the speedway business and before we purchased the catering business.

'That financial statement is really quite outdated.”

The profit and loss accounts for the six months to December 2011 in the meeting agenda present a gloomier picture showing a net loss of $834,555.40.

Figures on the report delivered to councillors at the meeting present a far more optimistic picture.

The actual and projected income until June 2012 shows the stadium management $203,384 in profit, and lift of some $300,000 from an overall loss of $191,616 for the six months to December 2011.

The loss comprised -$134,725 for the speedway and -$167,992 for the stadium head office.

In the six months to June, the speedway performance is turned round to produce a total operating profit of $110,000, but the stadium head office is still in deficit of $19,000.

The last page of the presented summary, actual and projected income to June 2012 shows the speedway in deficit of -$24,725, and the stadium head office deficit at -$186,992.

The total operating profit is achieved by adding an expected operating profit from the caterer of $342,149, plus $72,952 from the arena.

As well as the pressure of buying and grappling with the management of the new businesses, the CCO also had to cope with the vagaries of an extremely wet peak holiday season.

'It's probably without doubt the most demanding and difficult time TCVL has had in its short history,” says Irvin.

The main financial drag was the speedway. It started the season on the back foot with the normally well attended fireworks night on November 5, cancelled because of the dotterels in the oiled bird facility next door. Then there were two or three rain-outs.

'We can't really get that income back even by scheduling extra events,” says Irvin.

'If we get a good run through to the end of the season it will certainly bring us back to even stevens with regard to the speedway side of the business. We had a fantastic night last Saturday night.

'That was the main weakness in terms of financial returns. The head office costs which is really us referring to the stadium and where our offices are, we expected that to run as a slight loss and it is pretty much.

'But what I also said is the arena is running ahead of budget and we expect that to continue.”

The profit and loss account show TCVL received a Tauranga City Council community subsidy of CC subsidy of $254,500.