October 05, 2015
China business boosts Ngai Tahu profit
Ngai Tahu has made a net profit for the year ended June of $109 million.
That’s 25 percent down from last year’s record $145 million, which was boosted by insurance payments for earthquake damage.
Revenue was up at $346 million, and the iwi also picked up $11 million from the Aquaculture Settlement and $17 million from the relativity clause in its land settlement.
It paid out $26 million in tribal, runanga and whanau distributions.
Ngai Tahu Group Holdings chief executive Mike Sang says the China factor loomed large in the results, especially in rock lobster exports and tourism.
"We see continued strong demand from China for seafood with our koura exports there but also we are seeing an increase in Chinese rourism coming into Aotearoa New Zealand and with us having quite a good presence in the Chinese market, about 21 percent of our tourism activity, that has gone really well. so Cina is important to us and is likely to continue to be for a while," he says
Mike Sang says the decision to push through with accelerated plans for the residential subdivisions needed for the Christchurch rebuild has delivered exceptional results for Ngai Tahu Property.
The tribe’s assets now stand at $1.34 billion.
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