Coliban Water reveals $14 million loss

COLIBAN Water has announced that it made an overall loss of $14.1 million in the last financial year. 

Managing director Jeff Rigby said the loss was expected, with company revenue also down on previous years. 

“Our revenue result was significantly lower than forecast, largely due to lower than expected customer consumption during historically peak-demand periods,” he said. 

Mr Rigby said that despite the loss, Coliban Water’s total expenditure was in line with the budget. 

“We have continued to invest in our region, with $36.7 million in capital projects for the year, and the corporation is on track to deliver $214 million of capital works committed in our current five-year 2008 to 2013 Water Plan,” he said. 

“Next year we expect to return a positive cash flow from operations of $3 million and to finish the 2012-2013 year as planned with a loss of around $15 million.”