Tainui recovers well amid trouble

Tainui's commercial arm has continued its strong recovery despite a power struggle in its embattled executive, posting an $8.3 million profit for the year to March.

That is a solid improvement for Tainui Group Holdings, which has struggled to throw off the spectre of the financial mismanagement and poor investment that has dogged the tribe since its 1995 $170 million raupatu settlement.

The profit on revenue of $41.8 million - up 29 per cent - is more than double last year's earnings.

The announcement is good news for iwi members, with $3.3 million of the gain being channelled back to beneficiaries.

The group's chief executive, Steve Murray, now a year into the job, said the past year had been a period of transition, with a new executive and management.

"For the first time TGHL has delivered a strong operating result, and we are now poised for continued growth," he said.

The group's board chairman, John Spencer, said the result was a good start. He said the implementation of "robust governance processes" would ensure the group would continue to achieve its three- to five-year goals.

The investment strategy for the next three to five years was firming and would be announced in December.

He noted the company had no debt.

The group manages $150 million of tribal assets, expected to increase by at least $50 million when the Maori fisheries allocation is eventually sorted out.NZPA



Flag1: IWI


Head1: Tainui recovers well amid trouble


Blurb1: Commercial arm posts $8.3 million profit for the year to March


Body1: Tainui's commercial arm has continued its strong recovery despite a power struggle in its embattled executive, posting an $8.3 million profit for the year to March.

That is a solid improvement for Tainui Group Holdings, which has struggled to throw off the spectre of the financial mismanagement and poor investment that has dogged the tribe since its 1995 $170 million raupatu settlement.

The profit on revenue of $41.8 million - up 29 per cent - is more than double last year's earnings.

The announcement is good news for iwi members, with $3.3 million of the gain being channelled back to beneficiaries.

The group's chief executive, Steve Murray, now a year into the job, said the past year had been a period of transition, with a new executive and management.

"For the first time TGHL has delivered a strong operating result, and we are now poised for continued growth," he said.

The group's board chairman, John Spencer, said the result was a good start. He said the implementation of "robust governance processes" would ensure the group would continue to achieve its three- to five-year goals.

The investment strategy for the next three to five years was firming and would be announced in December.

He noted the company had no debt.

The group manages $150 million of tribal assets, expected to increase by at least $50 million when the Maori fisheries allocation is eventually sorted out.

- NZPA