NBN rolls out almost $1 billion loss
THE corporation tasked with bringing broadband to Australian households reported nearly a $1billion loss last financial year, NBN Co's annual report for 2012-13 shows.
While the Commonwealth-owned body earned some $17 million in revenue for the fiscal year, it reported a $932 million loss for 2012-13, up from a $520 million the previous year.
The losses were not as bad as the $1.3 billion loss forecast earlier, with losses minimised due to delays in the actual rollout of broadband fibre.
It reported a 46% rise in employee-related costs, up to $102 million for the year, on the back of 68% rise in headcount to help dig up infrastructure around the country.
The NBN has reached 70,100 premises around the country, with an average user cost of $376 a month.