Despite seeing lower profits for the year ended June 30, 2007, Tasmanian high-voltage transmission company Transend transmitted a record 11,565GWh of power in 2006-07, which was almost 6% more than in 2005-06.
The 11,565GWh transmitted represents a new record for the amount of power transmitted in a year. However, the company’s profit fell to A$21.5 million, compared to A$35.7 million the previous year, due to a combination of lower revenue, higher operating costs and higher depreciation.
One major cost for the company this year was investing A$71 million in the transmission network to sustain its strong performance into the future.
Richard Bevan, Transend’s managing director, said: The outstanding feature of this year’s financial statements is that we have now become a billion dollar business with assets valued at A$1.13 billion.