Adani to pay no company tax despite $1bn revenue from Queensland coalmine

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 its tax bill.