October 01, 2012
Ngai Tahu turns around profit
Insurance payouts from the Christchurch earthquake, property revaluations and sales of shares in rest home operator Ryman Healthcare propelled Ngai Tahu to an after tax profit of 68.9 million in the year ending June 30th.
That’s a turnaround from 2011, when it lost $4.75 million.
Revenues, mainly from seafood, property and tourism, increased 28 percent to $209 million.
The Ryman shares, one of the tribe’s first post-settlement investments, were sold for $27.5 million, representing a $24.7 million increase.
Insurance brought in $10 million, and stabilising Christchurch property values added $11 million to the balance sheet, compared with an $18 million deduction last year.
The runanga cost just short of $10 million to run, and grants, tribal programmes, communications and the Whai Rawa savings scheme cost $18 million.
The tribe increased its equity to $658 million and total assets to $809 million.
Ngai Tahu holds its annual meeting on November 22nd.