NBN Co nearly doubles employee spending to $222,110

NBN Co nearly doubles employee spending to $222,110

NBN Co has released its 2012 annual report, with chief executive Mike Quigley earning $1.97 million.

Employee benefits at NBN Co have nearly doubled to $222,110 for the 2011/12 financial year, up $103,227 from $118,883.

Total expenses at the company also recorded an increase from $355,837 to $589,052.

During the 12 months to 30 June, 2012, NBN Co recorded $62.1 million in revenue. However, only $1.9 million was from telecommunications revenue, with $60.2 million recorded from bank interest.

In the year ending 30 June, 2012, NBN Co paid its non-executive directors and senior executives $9.2 million.

CEO Mike Quigley's remuneration for the year was $1.97 million.

“One of the biggest challenges for NBN Co is our role as fibre provider of last resort for any new development with 100 premises or more approved for development after 1 January 2011. The scale and difficulty of this responsibility should not be underestimated,” Quigley said in the report.

NBN Co now has $779 million in cash, up from $241 million the previous year.

During the year, the federal government invested $1.47 billion in equity for the NBN.

NBN Co also confirmed Commonwealth Bank equity funding in June last year, with the bank to provide equity until 39 June, 2021.

“The Commonwealth has committed to provide funding sufficient to meet the forecast expenditure of the company in the corporate plan,” the annual report stated.

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Tags nbn coNational Broadband Network (NBN)annual report

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