5 Mar 2015

Iwi-owned fishery reports profit

7:23 am on 5 March 2015

A business owned by the King Country iwi Ngati Maniapoto has made yet another profit, making almost three-quarters of a million dollars last year.

Te Kupenga o Maniapoto holds and manages the tribe's settlement fish quota and draws its income from Aotearoa Fisheries.

The company has recorded a surplus every year since it started seven years ago.

The annual report for the last financial year shows an 8.3 percent return on the company's assets.

The profit was largely due to a business deal stuck with Sealord, which is half owned by the iwi.

Chairperson of Te Kupenga Chris Koroheke said the result was reflective of their commitment to the kaupapa of Ngati Maniapoto.

At the start of this financial year the business purchased a $500,000 fish quota for the high value fish orange roughy to extend this year's operations.