Melbourne Water Swings to Loss on Desalination Plant Rebate
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Melbourne Water Corp., the state government-owned supplier to water retailers, swung to a loss as it repaid A$310.8 million ($295 million) to customers it overcharged amid delays to the construction of Australia’s largest desalination plant.
The supplier had a net loss after tax of A$30.1 million in the 12 months to June 30, from after tax profit of A$270 million the previous year, when it collected payments to cover some costs related to commissioning of the A$3.5 billion Wonthaggi plant, it said today in its annual report.