4 Oct 2013

Property market boosts Ngai Tahu profit

8:45 am on 4 October 2013

The business arm of South Island tribe Ngai Tahu says the property market in Christchurch helped it achieve a solid profit.

Ngai Tahu Holdings Corporation this week announced it made an annual net profit of almost $78 million.

Corporation chair Trevor Burt says it has about 1700 sections in Christchurch - many of which are ready for development.

He says the earthquakes have created a major opportunity for the iwi to fast-track the development of some of the land, turning a 20-year project into a five-year project.

Other commercial gains for Ngai Tahu included its investment in Ryman Healthcare, and its seafood companies.