8 Oct 2014

Record profit for Ngai Tahu

7:36 pm on 8 October 2014

South Island iwi Ngai Tahu has made a record net profit of $146 million for the year to June, which it says reflects the value of having a wide range of investments.

The figure is a 27 percent increase from last year's total of $121 million.

Ngai Tahu invests in property, farming, tourism and seafood. It said its net worth has topped $1 billion, enabling the iwi to lift its annual distribution to a new high of $31.4 million.

The Chair of Ngai Tahu Holdings Corporation, Trevor Burt, said property investments, a bumper seafood harvest and tourism have contributed to the strong result.

Stripping out one-off items like property and farm revaluations, share sales and insurance proceeds, Mr Burt said the iwi's net operating surplus after interest rose 64 percent to $83.3 million.

Excluding tribal activities, Ngai Tahu's trading surplus doubled to $161.4 million.

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