Ngai Tahu operations take $25.6m hit

CHRISTCHURCH: Ngai Tahu’s commercial operations have had a loss of more than $25.6 million after the Covid19 pandemic hammered its extensive tourism operations.

It is a far cry from the $37 million profit Ngai Tahu Holdings made in the financial year prior.

The biggest loses were in Ngai Tahu Tourism ($6.5 million) and its manuka honey venture, Oha Honey ($21.6 million).

‘‘We have not been immune to the effects of the Covid19 response and like businesses all over the world we are grappling with the fallout,’’ Ngai Tahu Holdings chairman Mark Tume said.

‘‘With the borders closed and the country in lockdown, we were forced to act quickly and temporarily pause 10 of our 11 Ngai Tahu Tourism businesses, which had a major impact on revenue and forced a nificant restructure of operations.’’

In regards to the huge losses of Oha Honey, the report said ‘‘revenue growth has been challenging’’ because of a ‘‘crowded and competitive marketplace and the complexities of manuka to new customers and markets’’, but was looking forward to improved performance in the next financial year.

Ngai Tahu Property made a sigour $29.9 million operating surplus and Ngai Tahu Seafood a $17.2 million operating surplus.

Mr Tume said although the next year would also be difficult, he was confident ‘‘that the resilience of our businesses and investment portfolios would meet the challenge’’.

Te Runanga o Ngai Tahu kaiwhakahaere Lisa Tumahai said the ‘‘welfare of our whanau and Papatipu Runanga remains at the centre of all our decisionmaking’’.

In the report, she said the diversification of Ngai Tahu Holding’s portfolios meant the losses were mitigated by operations that continued to perform well.

The iwi is now a little closer to its goal of getting 1000 whanau using te reo Maori in the home by 2025 through its strategy, Kotahi Mano Kaika, with 70 more whanau joining up, increasing the number of whanau to 638.

The report said the iwi had made ‘‘good progress’’ in reducing the number of tamariki in state care through Ngai Tahu’s strategic partnership with Oranga Tamariki, 277 in June down from 295 in November.

The iwi also met its targets for new membership of its savings scheme, Whai Rawa, which was up 1984 members.

The fund has increased by $100.9 million. — RNZ