Tainui Group Holdings, which includes Waikato Tainui Fisheries recorded a 2 percent fall in annual net profit to $44.3 million.
However, the fall reflected lower unrealised property valuation gains this year compared with last year and operating profit was up nearly 30 percent.
Chief executive Mike Pohoi said the increase in the operating result partly reflected the group's hotel investments paying off.
He said the company had had a consistent year in its existing operations as well as the benefit in earnings from its hotel operations.
Mr Pohoi said it had an additional boost in earnings part way through the year after acquiring Hamilton City Council's 41 percent stake of Hamilton Riverview Hotel.
He said the Novotel Auckland Airport Hotel had also traded well this year.