November 08, 2023
Ngāi Tahu result not so sweet
Te Runanga o Ngāi Tahu has reported a 6.6 percent drop in its total returns for the year ended June 30 and a 6.2 percent drop in net assets to $1.78 billion.
It still received a $107.4 million dividend from Ngāi Tahu Holdings, up from $69.5 million last year, as it returned to its normal distribution rules post-pandemic.
Holdings chair Mike Pohio says business earnings increased from $41.9 million to $47.7 million despite the tough economic climate.
Its tourism subsidiaries delivered well ahead of forecast, but farming was hit by higher costs and lower export returns, and sales of residential developments also softened.
It also reported a $35.9 million loss in its Oha Honey subsidiary because of adverse weather and an over-supply of manuka honey producers.
It has closed the North Island apiary operations and Masterton processing plant, and operations in Te Waipounamu will be managed by Ngāi Tahu farming.