THE Tasmanian Chamber of Commerce and Industry reported a $544,000 loss, largely due to organisation's restructure.
In May last year, the employer lobby group announced an $800,000 hole in its budget, which resulted in the sale of its Hobart headquarters, eight redundancies and Michael Bailey replacing Neil MacKinnon as chief executive.
Mr MacKinnon was the fifth chief executive dismissed by the TCCI board in less than four years.
At its annual meeting last night, Mr Bailey admitted the past few years had been challenging for the organisation but said it was on the improve and halfway through a two-year restructure.
``We knew it would be an expensive process and many of the roles we lost were reasonably high managerial roles,'' Mr Bailey said.
``The loss was expected, in fact it is slightly better than we thought it would be.
``The most important thing is our budget, which we are ahead of and will show us back in the black this year.
``The two-year turnaround has certainly come to fruition and we are very pleased to be a sharper, leaner and more businesslike organisation that is responding to what our members want.''
Mr Bailey said the chamber finished the last financial year with almost half a million dollars in the bank.
He also said that during the restructure and change of strategy that three people had been employed in the North to provide industrial relations support to members.
``The future for us is very strong,'' he said. ``We see ourself as a strong voice for the business of Tasmania and also and organisation that has products an services that businesses in the state need.''