KARACHI, Dec 1: The Karachi Golf Club (KGC) has fetched a net increase of Rs14.465 million in its revenue during the current financial year which ended on June 30 this year. The audited accounts were formally approved at the annual general body meeting of the club held at its premises on Wednesday.

According to annual report of the club for the year 2004-2005, the total revenue stood at Rs53.727 million as compared to Rs39.262 million during previous year showing a net increase of Rs14.465 million.

The break-up shows return on investments Rs35.587 million, green fee Rs4.237 million and rent of lockers Rs0.264 million.

The report shows that catering service is one area which reported loss of Rs1.909 million.

The expenditure for the year 2004-2005 increased by Rs4.635 million as compared to previous year’s Rs3.425 million. The increase was attributed to enhancement in tariff rates of electricity, gas and water.

The managing committee on July 1, 2005, decided to increase the subscription fee and the rates of kit lockers and bag lockers.

The absentee category in Pakistan was abolished and those based abroad were to pay $150. The committee estimates this would help raise additional revenue by Rs5.5 million which is essential to improve the club and course.