TasNetworks’ Annual Report 2016 – 17 has been tabled in Parliament, recording an after-tax profit of $93.9 million and returns to government and owners of $176.2 million.

TasNetworks CEO, Lance Balcombe, said the report is a strong result in only the business’ third year of operation.

“Hitting our financial targets is a key measure of company performance. Despite a reduction in revenues from previous years, our net profit after tax was $93.9 million — $1.2 million above target.

“This result delivers an excellent outcome for our shareholders and the people of Tasmania,” Mr Balcombe said.

“Looking back over the past year we have much to celebrate. We’ve seen strong improvement in our proactive safety measures, lifted our customer service performance, achieved our financial objectives while reducing network prices and continued to transform the business.”

Mr Balcombe said the business continues to implement internal measures to drive efficiencies and improved customer outcomes, with stage one of the Ajilis transformation completed on time and on budget.

“Our business transformation project will simplify decision-making, streamline operational processes, and provide us with an integrated IT platform. The project team has successfully deployed release one of the project and we are already seeing benefits that will result in cost savings and better service for our customers.”

Mr Balcombe said the company has continued to deliver a whole-of-business Enterprise Agreement that provides the right balance for people and TasNetworks.

“TasNetworks achieved a key strategic milestone with the approval by the Fair Work Commission of our enterprise agreement. The new agreement removes one of the last remaining legacies of our previous businesses and paves the way for TasNetworks to operate as a truly integrated network business into the future,” Mr Balcombe Said. 

Elisa is an experienced industry journalist and is a regular contributor to a range of energy and infrastructure titles. She has a unique knack for quickly finding the angle in any story her audience is most interested in learning more about.

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