Our Financial Performance

Our total revenue for 2005-06 was $256.7 million, with total expenditure from ordinary activities (including bulk charges from Melbourne Water, operating, finance and depreciation charges) of $194.3 million. Profit before tax was $62.4 million compared to last year’s $77.7 million.

Our profit results this year were influenced by lower contributions from developers, following a pricing determination by the Essential Services Commission. These contributions reduced by 79% to $4.8 million in 2005-06. Nonetheless, land development in our licence area continued to play an important role in our overall financial performance. Developer revenues (cash and non-cash) contributed approximately 11% of revenue, compared to last year’s 19%.

Strong growth in customer numbers (2.5%) had a positive impact on our financial performance.