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That came on top of a loss more than $300,000 in the previous financial year for the council-owned company.
The annual report is due to be noted by the Dunedin City Council today, following auditing delays.
The after-tax losses reflect a challenging economic climate.
Chairwoman Raewyn Lovett and chief executive Terry Davies commented in their summary a series of major events had to be postponed or cancelled.
They included a rugby test between New Zealand and South Africa and concerts headlined by Guns N’ Roses, Rod Stewart and Six60.
Domestic rugby for the Highlanders and Otago was also disrupted, although some matches were able to be played either with crowds or behind closed doors.
However, Dunedin still hosted a match between the All Blacks and Fiji, and there was a strong programme of domestic concerts and entertainment, Ms Lovett and Mr Davies said.
The Ocean Alley concert at the Dunedin Centre was the first “large” post-lockdown show.
Business events showed resilience through the year, the company said.
Restrictions on mass gatherings and constraints on New Zealand’s border had a significant impact on revenue, the company said.
It was expected to return to profit within the next two years.
Ms Lovett and Mr Davies said they were looking forward to the Fifa Women’s World Cup, which starts in July.
Dunedin is the only city in the South Island that will hold games in the tournament to be hosted by New Zealand and Australia.
grant.miller@odt.co.nz
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