Ngai Tahu Tourism holds a 43 per cent stake in Kaikoura-based Whale Watch. Photo / Whale Watch Kaikoura
Ngai Tahu Tourism holds a 43 per cent stake in Kaikoura-based Whale Watch. Photo / Whale Watch Kaikoura
South Island-based Ngai Tahu made $109.3 million net annual profit, down $36.1 million on last year because of lower earthquake damage insurance payouts.
But the value of total assets owned by Te Runanga O Ngai Tahu and Ngai Tahu Charitable Trust climbed by $129 million to reach $1.3 billion.
Accounts out today show that although net after-tax profit for the June 30, 2015, year was down on the previous year's $145.4 million, assets rose from $1,218,873,000 to $1,348,275,000 because previous profits were reinvested, the coach, bus and charter operation Go Bus was acquired and a new bloodstock building in Christchurch was finished.
Chairman Trevor Burt and chief executive Mike Sang noted how the latest profit was "just short of our record profit in 2014" and Sang said that last year Ngai Tahu got $33.2 million insurance payouts, which sank to only $21,000 in the latest year.
Auckland's Ngati Whatua is expected to declare assets of more than $700 million when it releases its annual result soon. In July, Waikato-Tainui revealed how its fortunes were steadily increasing, up $123.6 million in the past year to reach $1.2 billion.
Together, the three iwi businesses now control assets of about $3.2 billion and are significant property investors in Auckland, Hamilton and Christchurch.
In the June year, Ngai Tahu sold a $16 million stake in Ryman Healthcare but it still holds a stake valued at about $200 million.
It also completed its Go Bus acquisition and is developing housing estates around Christchurch including Wigram Skies, Prestons and Te Whariki.
Its Christchurch Central Police Station has been demolished and work has begun on the $150 million development project on the King Edward Barracks site.
Sang said the business paid out $36 million in the June year for education, language programmes, redeveloping marae, cultural revitalisation and environmental restoration projects.
The accounts cover parent Ngai Tahu Holdings, Ngai Tahu Property, which has a big Christchurch commercial and residential real estate presence as well as forestry cutting rights, Ngai Tahu Farming, which owns 16,000ha of land, Ngai Tahu Seafood, which exports lobster and sells oysters, mussels and paua, Ngai Tahu Tourism, which owns Shotover Jet and has 43 per cent of Kaikoura-based Whale Watch, and Ngai Tahu Capital, which owns the shares and stakes in business.
Burt said China had a big influence on growth.
"Globally, the China market continues to gather momentum and has fast become the largest market for both our seafood and tourism businesses," he said, adding that 26 per cent of Ngai Tahu Tourism's revenue now came from Chinese visitors.
The tourism business declared a record $7.8 million net operating surplus.
Ngai Tahu says Go Bus continues to be a "solid investment". Photo / Paul Taylor
The most profitable arm was Ngai Tahu Property, declaring $42.38 million net operating surplus and highlighting 533 residential sections sold in the June year, 42 ahead of projections.
That business is enjoying 100 per cent occupancy of 26 managed investment properties and has bought the cutting rights to 22,800ha of West Coast forests from the Crown, as well as establishing an Auckland office "to focus on growing geographic spread and exploring opportunities outside of Te Waipounamu [the South Island]."
Ngai Tahu Seafood declared $19.72 million, which it said was the sixth consecutive record year, and is looking to explore new food and food product opportunities "that fit with tribal values".
Ngai Tahu Capital made $8.67 million and said Go Bus was "proving to be a solid investment".
