Mighty River's profit slumps by $59m
Tue, 28 Aug 2012 10:01a.m.
The first state owned asset being prepared by the Government for partial sale has seen its profit slump by almost half.
Mighty River Power's full year result to the end of June saw a $68 million profit, compared to $127 million the previous year.
And it's been revealed the company has spent $3.8 million in the past year preparing it for partial sale.
Greens co-leader Russel Norman says the costs of National's asset sales policy keeps on rising - and is costing the public through taxes or higher power prices.
The $3.8 million spend included $3.1 million on direct issue expenses and $700,000 on employee compensation, benefits and other expenses.
Mr Norman thinks too much is being spent on asset sales.
“The total bill for National’s asset sales now stands at over $16 million and will rise into the hundreds of millions if the policy continues.”
He says $1.3 million has been spent preparing other assets for sale, with another million spent on the Waitangi water rights hearings and $10.5 million spent on public relations and policy advisors.
“National’s asset sales policy is in crisis and the costs are out of control,” Mr Norman says.
RadioLIVE / 3 News
Post a Comment
Before commenting, please take the time to read our moderation guide
(Won't be published)
28/08/2012 11:48:01 a.m.
Looks like the goverment is going to be giving away our assetts not selling them
Three weeks ago, Winston Peters made a speech to Grey Power in Takapuna, entitle...
For Peter Dunne it's another day and another big political setback. The Electora...
McDonald's workers striking will be a waste of time if a strike-breaking bill pa...
The NZTA is being accused of wasting taxpayer money, spending tens of thousands ...
Labour MPs are being called hypocrites for accepting Sky City's invitations to w...
Copyright © 2013 MediaWorks TV. All Rights Reserved.