New Zealand Cricket announced a significant NZ$7.586million loss for the 2007/08 financial year on Friday.

NZC chief executive Justin Vaughan told the ruling body's annual general meeting in Wellington that he expected the money to be recouped in the coming years.

Vaughan said the organisation had planned to make an initial loss as part of their four-year cycle.

He said: "NZC operates on a four-year cycle due to variations in revenue over the four-year period arising from ICC events such as the World Cup and inbound tours from the likes of England and India.

"Overall for the four years ending May 31 2010, NZC is forecasting a surplus result."

Back pay for players in an agreed lump sum to cricketers saw NZC take a hit, but they are expecting a bumper pay day from next year's incoming tour by India.