LMW posts $8.8 million loss
North-eastern Victorian water supplier Lower Murray Water has posted a $8.8 million loss in its 2011/12 Annual Report.
LMW Chair, Leonie Burrows, said that despite the loss, the water industry’s performance has continued to improve compared with last year, saying that competition and easing of restrictions has promoted strong growth in the sector.
Mrs Burrows said that the loss could be attributed to the unbudgeted $42.3 million contribution to Vision Super.
Loss of $82 million through asset revaluation had also contributed to the result, with LMW’s depreciation increasing to $22.8 million.
“In addition we had to account for our share of the unfunded superannuation liability of $3.1 Million. These two items are the main contributory factors in our final position for 2011/12” Mrs Burrows said.
“While we have not fully funded our depreciation we continue to operate in a sound cash trading position”. Mrs Burrows concluded.
Members of the public who wish to view the complete LMW 2011/12 annual report can download it from the LMW website at www.lmw.vic.gov.au