December 13, 2016
Ngati Whatua boosted by profit
A great result for Ngati Whatua Orakei, with its Whai Rawa commercial arm declaring a 22 percent rise in the value of its investment portfolio to $888.6 million at June 30.
Revenue was up more than $21 million to $49.3 million.
Chief executive Rob Hutchinson says that’s because it is now starting to develop and sell properties rather than just rely on ground rents.
"We forecast that Whai Rawa would struggle with cash returns for the first five years after settlement. In fact we have been able to get those cash returns a lot sooner than we anticipated. So it's a very exciting time for Ngati Whatua Orakei because its commercial arm has perfomed, its assets have increased and there is substantially more profit in terms of cash now that we can look to increase distributions to the Ngati Whatua Orakei Trust and the social and tribal development arm Whai Maia," he says.
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