Te Runanga o Ngai Tahu says it is well positioned, despite a volatile operating climate, after announcing a net profit of $13.3 million for its commercial operations for the year ended June.
Tribal kaiwhakahaere (manager) Mark Solomon said the results were pleasing in light of the difficult economic operating climate, and reflected the strength of the balance sheet and its underlying assets.
The Ngai Tahu Holdings Group's annual report issued to tribal shareholders last year reported a net surplus of $58.2 million for the year ending June 2008.
"While the financial picture is not what we would desire, given the environment of the past year I deem our performance is as good as could be expected. We were in the fortunate position of having a strong balance sheeting coming into the recession."
The tribal assets were strong, with equity growing to $526 million in the period.
Cash flow, after distribution, of $25 million was reported from operating activities, Mr Solomon said.
The Ngai Tahu Holdings Group subsidiary results in brief:
• Property was affected by a downturn in the sector, reporting an operating profit of $15.6 million, down $3.5 million on the previous year.
• Seafood, while struggling with the volatility in the exchange rate which resulted in exchange rate losses of more than $6 million, reported operating earnings of $4.7 million.
• Tourism suffered from the full impact of the global credit crisis hitting just before the start of the peak tourism season. The operating profit of $5.3 million was ahead of forecast.
• Ryman Health care continued its long-standing tenure as one of the group's leading investments, and despite the economic environment delivered another strong performance.
Ryman shares increased 1% in value and provided dividends of $2.1 million.
Holdings chairman Trevor Burt said all of the subsidiaries felt the impact of the operating climate, but he was proud of the way they responded to the challenges.
He was confident they were well positioned for growth when the upturn came.
The group delivered a distribution of nearly $22 million to Te Runanga o Ngai Tahu.
