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Cost curbs count for water customersTighter controls curbed Westernport Water’s operational costs in 2007/08, even amid drought-beating capital works, according to the corporation’s newly released annual report. By Susan Webster - 24th November 2008 - Back to News Operational costs before depreciation were contained at 5%, well down on the 15% growth of the previous year.
Westernport Water overcame its worst drought on record … and still managed to make a modest profit.
The corporation fast-tracked works that lifted Candowie levels from 6% to now almost-full capacity.
However, to pay for the drought works, the corporation had to borrow $1.8m. "This is directly related to the supply augmentation capital works," the report noted, and added: "The year ahead will see greater focus of budget to actual reporting at all levels."
Pumping water from the high-flow Bass River and under-allocated Corinella bores contributed to a total capital works spend of $6.9m in 2007/08.
Remaining at Stage Two throughout the year had ‘a large effect’ on revenue, the corporation said, along with fuel and electricity price hikes.
"Even with these negative effects, we have managed a slight improvement over the (financial) performance of the prior year," it reported.
Total revenue for the 12 months was $13.5m and earnings before interest and tax of $1.4m, on assets totalling $118.8m.
The after-tax profit of $110,000 (net of capital revenue) was a 144% improvement over the prior year’s figure. "This was a pleasing result given water restrictions continue to adversely impact our revenue base," the report noted.
Source: http://gippsland.com/ Published by: susanw@ptarmigan.com.au
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