Councils to benefit from Southern Phone dividend
Posted
The south coast New South Wales telco Southern Phone has declared a dividend for the second consecutive year and local councils are set to benefit.
The regional telco is owned by 41 local councils that paid just $2 to take part in the company, which was established using Federal Government funds.
For the second consecutive year, Southern Phone has declared a $50,000 dividend that will be returned to the community through the company's local council shareholders.
Southern Phone chairman Bill Hilzinger says the dividend to councils will be paid in proportion to the amount of business generated in each council area.
Southern Phone's revenue for the past financial year increased to $17.9 million and it employs 45 people at its Moruya and Nowra offices.
