Forestry Tasmania delivers $24 million loss

In November 12, 2017

(AU) – THE Government Business Enterprise formerly known as Forestry Tasmania has delivered a final multi-million loss to taxpayers.

The state-owned forestry company today released its 2016/17 annual report — its final year of operations before being transformed into Sustainable Timber Tasmania.

Forestry Tasmania delivered a $24 million loss last year, an improvement on the $65 million loss it delivered last year.

Resources Minister Guy Barnett hailed the result as a major turnaround.

“The 2016-17 Sustainable Timber Tasmania (STT) annual report shows the Hodgman Liberal Government is delivering on our commitment to return the forestry business to a sustainable footing, with the bottom line improving by $41 million compared to the previous year,” he said.

“The Government’s decisive action to restructure Forestry Tasmania into STT has proven justified with the restructure to deliver a $7.5 million financial improvement per year.

“The annual report also shows the plantation sale price of $60 million is well above the amount required to pay off all STT debt and transition costs.

“Because of this sale, the Government is able to directly invest an extra $15 million into Tasmania’s health system.”

The annual report revealed staff numbers at the company had fallen from almost 300 in 2013/14 to 141 in July.

Revenues were up from $107 million to $121 million with expenses up from $145 million to $148 million.

Forestry Tasmania delivers $24 million loss by DAVID KILLICK, Mercury.  Available from <> [November 2, 2017 10:54am]

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