In the 2008 year the company posted a surplus of $52 million.
The majority of Tainui Group Holdings' assets are in property and it has suffered from downward revaluations.
Its chief executive Mike Pohio says the company has also sold fewer residential properties, selling only 16 lots in its Huntington joint venture residential development in the 2009 year compared with 58 in the 2008 year.
Mr Pohio says the group does not expect to see a market-driven rise in asset values for at least two years.
The group is forging ahead with construction of a shopping mall on the outskirts of Hamilton and is also continuing with plans to build a four-star hotel at Auckland airport.
However some of its smaller projects in Huntly and Hamilton will remain on hold for now.