October 25, 2018
Sweet result for Ngāi Tahu despite honey loss
South Island iwi Ngāi Tahu has reported a $150 million net profit for the financial year ended June 30.
Its commercial arm Ngāi Tahu Holdings paid $61 million to Te Rūnanga o Ngāi Tahu, which funds initiatives to support cultural, social, environmental and economic outcomes for Ngāi Tahu whānau.
While its seafood, tourism, property and farming subsidiaries achieved good results, a challenging year for honey business Watson and Son adversely affected Ngāi Tahu Capital.
The business is now 100 per cent owned by Ngāi Tahu and the company has been restructured to position it for future success.
Holdings chair Mark Tume says he expects headwinds after a period of strong growth, but its strong balance sheet means it is in good shape.
Rūnanga kaiwhakahaere Lisa Tumahai says Whai Rawa, the iwi savings scheme, grew $10 million to $72.3 million and now has a membership of more than 25,000 Ngāi Tahu whānau.
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