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NMIT ”sound”

The Australian   |    4 March 2014

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Victorian TAFE North Melbourne Institute of Technology has confirmed it suffered a “significant” loss last year but says it remains in a “sound” financial position. ……………………………………………………………………………………………………………………

NMIT

Victorian TAFE North Melbourne Institute of Technology has confirmed it suffered a “significant” loss last year but says it remains in a “sound” financial position with $280 million in assets and no debt.

Last week NMIT surprised the sector with news that chief executive Andy Giddy had suddenly resigned to take up an unspecified academic posting elsewhere. The news came amid speculation NMIT had suffered significant financial losses last year following earlier government cuts to TAFE funding.

But a NMIT spokesman has told The Australian: “NMIT is not in financial strife. Our current position is sound and we will announce our financial position in due course.”

Although we had a significant loss in 2013, we have zero debt and ended the year with $280m of assets including $17m cash in the bank.

SEE

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