3 Feb 2010

Maori trust predicts deficit

2:57 pm on 3 February 2010

Te Ohu Kaimoana predicts it will run at a deficit this year as it completes its task of allocating Maori fisheries settlement assets to iwi.

At its annual meeting in Auckland over the weekend the trust reported its operating revenue dropped almost $2 million to $9.9 million and projected income will fall below $7 million this year.

Audit and risk committee chair Fred Cookson told Waatea News the amount earned from the sale of annual catch entitlements is falling as quota is handed over to iwi. Investment earnings are also dropping because of lower bond rates.

He said Te Ohu Kaimoana is in a transitional phase.

Te Ohu kaimoana has allocated more than 80% of fisheries settlement assets to iwi, worth more then $480 million.