2 Nov 2009

Ngai Tahu's earnings fall

10:52 pm on 2 November 2009

Ngai Tahu will be on reduced rations this year, with the financial crisis and the property slowdown hitting the South Island tribe's earnings.

Waatea News reports revenue from trading activities dropped $13 million to $164m.

A $30m hit from property revaluations wiping out last year's $25m rise, and a $7m loss on foreign exchange hedging in the fishing business, helped drag the net surplus to $19m, compared with $64m in 2008.

Tribal development grants and distributions to runanga dropped by 20% over the year to $12.9m, but the cost of running the tribe's runanga went up by a similar percentage to $10.4m.

Total assets now stand at $657m, up $13m.

Kaiwhakahaere Mark Solomon says Ngai Tahu is well-positioned to weather the current economic storm because of its inter generational policies and conservative approach to financial investment.