October 08, 2014
Awesome year means pay-out boost
Ngai Tahu leader Sir Mark Solomon says the tribe's businesses have had an awesome year.
Ngai Tahu Group Holdings is reporting a 20 percent rise in net profit to $145.9 million in the year to June 30.
Sir Mark says there was excellent performance across the tribe's portfolio, helped by strong sales in its Christchurch subdivisions and the work it is doing converting former state forests in Canterbury to dairy farms.
"We've had a very good year in property, we've got three farms operating and underway and two more to come on this year. We've had our fifth record year in a row in fishing. Tourism has almost doubled its returns and we've had a very good year in the equities. We've had an awesome year," he says.
Sir Mark says Ngai Tahu has a policy of distributing 4 percent of its net asset worth, so the increase in assets to over $1 billion means it can hand out an extra $4 million next year.
FOR THE FULL INTERVIEW WITH MARK SOLOMON CLICK ON THE LINK
https://secure.zeald.com/uma/play_podcast?podlink=MjI5MjY=
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