Tennis Australia’s annual profit halved "despite record revenue" as the cost of hosting the Australian Open vaulted past A$200M ($142,000), financial documents show, according to John Stensholt of THE AUSTRALIAN. The governing body's '18 financial report showed Tennis Australia recorded a net surplus of about A$6M ($4.3M) in the year to June 30, down from A$11.4M a year earlier. The result is the first under new Tennis Australia President and A2 Milk CEO Jayne Hrdlicka, although administrators said that the sport is "in strong financial health" and they "put the profit fall down to a series of one-off items." Revenue of A$337M ($239.3M) was up from A$318M a year earlier. A A$22M ($15.6M) rise in total costs to A$329M ($233.6M) was the result of prize money increases, more spending on grassroots and integrity measures and a A$2M ($1.4M) loss on its Laver Cup investment. Tennis Australia CEO Craig Tiley "defended the increased spending on operations and events." He said that extra funding was put into "providing more shade for spectators, food and drink outlets including on-site Rockpool and Nobu restaurants and an enlarged children’s entertainment precinct." Tiley: "One thing I have come to learn is that unless you invest in the Australian Open, you don’t get the return. Previously we thought ... we could save money on the Open, but it just doesn’t work like that" (THE AUSTRALIAN, 9/11).
