Department of the Legislative Assembly

Power Water dividends to government

WRITTEN QUESTIONS
9th Assembly



23/10/2002

19. Power Water dividends to government

Mr Dunham to MINISTER for Essential services


Hide details for QUESTIONQUESTION

Why does PowerWater Corporation anticipate paying $10 million as a dividend to the NT Government in 2002/2003, $14 million in 2003/2004, then dropping to $9 million the following year? Explain the variation in dividends over this period?

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Answered on 18/02/2003


H:\EXEC\CLRK_ASS\Wqst9ass\Wqstsans\Aqsts19.doc
The dividend payments detailed in the question are incorrect.

The dividend projections in the Statement of Corporate Intent (SCI) are $13 million for 2002/2003 and $9 million for 2003/2004 and 2004/2005. These figures represent 50 per cent of the projected profits after taxation.

The profits for Power and Water Corporation were projected to drop during 2003/2004 as competition increased and electricity sales revenue fell. As NT Power has withdrawn from the market, we are producing a revised SCI incorporating revised sales and energy forecasts. This revised SCI will also incorporate revised dividend projections based on the revised profit forecasts. We anticipate finalising the revised SCI before the end of the 2002/2003 financial year.
Last updated: 04 Aug 2016