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Tuwharetoa Settlement Trust has turned around a post-settlement stumble and reported an $11.2 million net after-tax profit for the 2014-15 financial year, $10 million up on the previous year.
The trust had got into difficulties after its first set of trustees used settlement money to prop up questionable investments.
But it turned its lack of cash into a virtue, teaming up with other Tuwharetoa entities to buy deferred settlement properties ahead of schedule.
Buying Rangipo Forest from the Department of Corrections and flicking it on to an Australian forestry investment fund while retaining the land gave it a $3.6 million payday.
It also got a $3.8 million boost from the revaluation of its stake in the Kakano Investment Limited Partnership of seven Central North Island iwi, which owns 2.5 percent of Kaingaroa Timberlands.
Chair Rakeipoho Taiaroa told iwi members at the annual meeting in Taupo on Saturday the trust had grown its asset value to $91.8 million, up from $64.1 million in 2013.
Total equity (excluding minority interests) is now $26.8 million, up from $15.7 million last year.
He says it’s now in a position to reinstate it marae grants scheme.
Mr Taiaroa took over the chair after previous chair Dylan Tehau became general manager, replacing Temuera Hall.
Copyright © 2015, UMA Broadcasting Ltd: www.waateanews.com
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