Wakatu Incorporation of Nelson says business goes on, despite a loss of $10.7 million for the year.
A paper loss on a property development in the Gulf Harbour north of Auckland contributed to the loss.
Chief executive Keith Palmer says the businesses, which include property, horticulture and aquaculture, remain strong, so there is no need to lay off any of the 425-strong workforce.
But he says a change to accounting methods meant assets are valued on the profits produced in the current year and takes into account exchange rates and commodity prices.
Mr Palmer told Waatea News that staff had done an exceptional job containing costs, which should help the incorporation through the current tough conditions.
He said Wakatu now has assets of about $250 million.