Territory Stories

February 2008 report to the Legislative Assembly

Details:

Title

February 2008 report to the Legislative Assembly

Collection

Report to the Legislative Assembly; Reports; PublicationNT

Date

2008

Description

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Notes

Date:2008-02

Language

English

Subject

Northern Territory. Auditor-General's Office -- Periodicals; Finance, Public -- Northern Territory -- Accounting -- Periodicals; Northern Territory -- Appropriations and expenditures -- Periodicals

Publisher name

Northern Territory Auditor-General's Office

Place of publication

Darwin

ISSN

1323-7128

Copyright owner

Check within Publication or with content Publisher.

Parent handle

https://hdl.handle.net/10070/223559

Citation address

https://hdl.handle.net/10070/686148

Page content

146 Auditor-General for the Northern Territory February 2008 Report Power and Water Corporation cont Financial analysis Abridged Income Statement of the Consolidated Entity 2007 2006 $000 $000 Revenue from ordinary activities 527,028 497,513 Less expenses from ordinary activities Raw materials and consumables used (243,074) (243,840) Finance costs (24,808) (24,465) Repairs and maintenance expenses (28,087) (24,867) Employee expenses (63,434) (62,623) Property costs (4,945) (4,582) Information technology and communication (7,689) (8,247) Insurance costs (3,630) (3,416) Depreciation and amortisation (61,156) (59,334) Impairment of non current assets (146,431) (10) Other expenses (42,554) (37,069) Total expenses from ordinary activities (625,808) (468,453) Net (loss)/profit before income tax expense (98,780) 29,060 Less income tax benefit/(expense) 29,576 (8,541) Net profit (69,204) 20,519 Less dividends - (10,045) Retained profit (69,204) 10,474 The reported decrease in profit largely resulted from the recording of an impairment write down in the value of water and sewerage assets of $146.4 million. The impairment write down resulted from the application of Australian Accounting Standard AASB136 Impairment of Assets. Profit before the impairment write down was $47.65 million compared to the prior years profit of $29.07 million.


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