27 Sep 2012

Ngai Tahu Holdings' net profit jumps to $96m

9:10 am on 27 September 2012

Ngai Tahu Holdings' net profit has jumped by $80 million to $96 million due to strong returns from its fishing, tourism and property businesses.

After stripping out one-off items, including a $27 million profit on the sale of its Ryman Healthcare shares, the corporation's operating surplus rose 48% to $55 million.

Assets under management increased by $80 million to nearly $750 million.

The corporation says it has invested $100 million on farms, its tourism operations and a residential property development in Christchurch.

Ngai Tahu chair Mark Solomon says the result is pleasing.

"Fisheries returned about $17.3 million, which is $0.6 million up on last year, we've had a very strong year on crayfish and pretty good returns on paua and our fish quota.

"Tourism is up about $2.4 million on last year - there's still a way to go to what it was pre the start of the recession, but (it's) certainly on the improve."

Mr Solomon says property is also doing well, with buildings fully tenanted on long-term leases.

He says the results means more money is flowing back to tribal descendants and grants

to marae-based communities have increased by about a quarter.

Mr Solomon says there are funds for earthquake relief, marae development, cultural events and Maori trades training.