Ngai Tahu pleased with $13m surplus

Te Runanga o Ngai Tahu has announced a net surplus of $13.3m for its commercial entities amid a climate of testing global market conditions.

This was on the back of a revenue drop of $13 million to $164 million.

In an announcement last week, Te Runanga o Ngai Tahu Kaiwhakahaere, 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.

"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 sheet coming into the recession.

"Our collective tribal assets are strong, we have grown our equity by $13m to $526m, reduced our term debt and have positioned ourselves well to take advantage of growth periods ahead.

"In addition we generated a cash flow (after distribution) of $25 million from operating activities.

"I believe the results are a reward for our intergenerational policies and conservative approach to financial investment.

"While our profits were well down on the previous year, we have still registered a profit and have been able to honour our commitment to Ngai Tahu Whanui.

"Our different business sectors have performed ahead of many of their competitors in these difficult times."

Ngai Tahu Holdings Corporation chairman, Trevor Burt, said while the past year had been their most challenging yet, the group delivered a positive result at both the operating profit and net surplus level.

The cash flow result of $25 million from operating activities was particularly pleasing, he said.

"These results have largely been achieved due to the commitment and maturity of our team in hitting the challenges head on and making the tough calls that have positioned us well for the future."

This sentiment has been echoed by Te Runanga o Ngai Tahu CEO, Anake Goodall.

"Across the board there has been a commitment to work together to ensure the interests of our 45,000 plus stakeholders were protected as much as possible against the impact of the recession.

"Of particular note, we've managed to reduce expenditure by 11 per cent without damaging the integrity of the underlying programmes and Ngai Tahu Holdings Group reducing our term debt by $3m.

"There's no denying that we have endured some difficult times over the past year but we have learned from each of our challenges and as a result have reflected and refined our operations to put us in good stead moving forward."

- © Fairfax NZ News

Newest First

Oldest First