Indian conglomerate offsets earnings from Carmichael mine to report $340.6m loss, after promising billions in taxes and royalties
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Indian conglomerate Adani will pay no company tax despite generating almost $1bn in revenue from coal mining in Queensland over the past year.
Financial accounts show the Carmichael thermal coal operations used large costs – including production and related party logistics expenses – to offset its $963.5m revenue in the 12 months to 31 March. This resulted in a recorded $340.6m loss for the year, erasing it’s tax bill.
Continue reading...This article was originally published by The Guardian and written by Jonathan Barrett Business editor.
Read original article on The Guardian