November 17, 2020
COVID shock hits Ngai Tahu wealth
South Island iwi Ngāi Tahu’s business has been hit hard by the coronavirus pandemic, with its rūnanga reporting a $103 million group deficit, up $64 million on last year.
Its overall wealth or group equity has been shaved back by $90 million to just over $1.5 billion.
Its commercial arm, Ngāi Tahu Holdings, posted a $25.7 million net loss.
Kaiwhakahaere Lisa Tumahai says that means the rūnanga’s office budget for the year ahead is down $7 million to $60 million, meaning cuts to programmes and staff.
She says Holdings made a prudent decision to write down the value of its tourism assets, which have been significantly affected by the pandemic, but its diversified portfolio means there were other parts of the business which continue to perform well.
The tribe now has 68,000 registered members, almost 30,000 of whom are signed up to its Whai Rawa savings scheme, which now as $100 million under management.
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