October 01, 2013
Ngai Tahu declares $51m profit
South Island iwi Ngai Tahu has declared a healthy profit for the past year, driven by good results in its property and seafood businesses and its investment in listed rest home operator Ryman Healthcare.
Te Runanga o Ngai Tahu Group made a net operating surplus of $51 million.
Its total income was $226 million, which was boosted by a relativity top-up on its treaty settlement, and shareholder equity increased $219 million to $877 million after a distribution of $28.25m.
Ngai Tahu Tourism had a tough year because of Franz Josef Glacier retreating and weather conditions in Queenstown causing disruptions at Shotover on the two busiest weeks of the year, but it remains committed to the sector.
Kaiwhakahaere Sir Mark Solomon says the excellent performance by Ngai Tahu Holdings Corporation gives the iwi the money it needs to invest in its tribal development, which since the settlement more than a decade ago has totalled $290m.
Ngai Tahu Holdings has committed $110m over the next three years to develop the tribe’s rural land, and it has announced an interest in investing in the Ruataniwha irrigation scheme in the Hawkes Bay.
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