There are fresh calls for sales of Dunedin council assets after its group of companies lost money for the first time in its 20-year history.
Dunedin City Holdings lost $5.1 million in the past financial year.
Board chair Denham Shale says three companies had a good year, but City Forests and services company Delta returned small profits.
Together, however, they wrote off $12 million in assets.
The companies paid their council owner more than $23 million in cash and dividends, but Mr Shale acknowledges that was more than it could naturally afford.
The Dunedin Ratepayers and Householders Association says it is time to sell Delta, and perhaps the forestry company, because their returns are tiny.