Weather conditions stopped operations at Queenstown's
Shotover Jet during the two busiest weeks of the year.
Environmental challenges and a generally ''tough'' market
has seen Ngai Tahu Tourism experience one of its toughest
operating years ever, with earnings nearly halving from the
previous financial year.
In April, the Franz Josef glacier retreated to the point
where walking access to the terminal face was no longer safe,
while weather conditions in Queenstown halted operations at
Shotover Jet on the two busiest weeks of the year.
Those events reflected the risks involved with operating in
the natural environment and, combined, had a ''significant
effect'' on Ngai Tahu Tourism's bottom line, with operating
ebit down from $6.5 million to $3.5 million for the year
But, in releasing Ngai Tahu Holdings Corporation's results,
chairman Trevor Burt said the forecast for tourism was
looking much improved.
Consolidating the growth achieved at Rainbow Springs in
Rotorua, and reshaping its West Coast businesses would remain
the critical priorities for Ngai Tahu Tourism over the coming
While short-term measures were in place to help mitigate the
financial impact at Franz Josef, a longer-term strategy was
required for recovery.
Ngai Tahu Holdings Corporation has reported an operating
profit of $49.2 million, down $5.9 million on the previous
Reported profit for the year was $77.9 million, down $17.8
million on the pcp.
While the figures were down, total returns including
appreciation in the corporation's listed investments, such as
Ryman, were up $92 million to a record $181.6 million.
The 2012 operating surplus also included a one-off benefit of
$3.8 million from the sale of forestry leases and that year's
net profit included a $27 million gain on the sale of Ryman
shares, the corporation said.
Mr Burt said the commercial highlights included the ''rise
and rise'' of Ryman Healthcare, the significant progress
being made on residential developments and Ngai Tahu Seafood
delivering its fourth record consecutive result.
Ryman Healthcare continued to be a ''jewel in the crown'' of
the NTHC group investment portfolio.
Share prices boomed over the past year, almost doubling in
value, with its 6% shareholding worth $191 million at
Ngai Tahu Seafood had a subsidiary operating ebit of $17.5
million, up from $17.3 million for the pcp, which was
particularly pleasing given the tougher market in China and
the ongoing strengthening of the New Zealand dollar.
Ngai Tahu Property reported a year-end operating ebit of
$38.2 million, down slightly on last year's $38.6 million.
Mr Burt said NTHC was well positioned for growth with a very
strong balance sheet and its focus was firmly on exploring
new investment potential both within and beyond its existing
It has committed $110 million over the next three years to
developing its rural land in North Canterbury and the West
Coast and recently announced an interest in investing in the
Ruataniwha irrigation scheme in Hawkes Bay.
NTHC's distribution to Te Runanga o Ngai Tahu would be $28.25
million. Total assets under management by the combined group
increased by $222.64 million to $1.03 billion.