Tainui profits drop but assets grow

Tainui Group Holdings released its results today, showing its profits for the year to March 31 dropped 20 percent to 52 million dollars, even as its assets grew 27 percent.

Tainui Group Holdings' main business is property, in line with its raupatu settlement that as land was taken, land should be returned.

It saw the property slump coming and mothballed two townhouse developments in Hamilton until the market improves.

But it's not only pushing ahead with the Base retail development of the city's northern fringe, it started the year by buying out its joint venture partner, The Warehouse.

That allowed it to bring the full $100 million value of the complex onto its books.

Add that to a $37 million investment in Ryman Healthcare an $23 million in property revaluations and the $14 million stake in Aotearoa Fisheries which came over as part of Tainui's share of the fisheries settlement and total assets grew 27 percent over the year to $496 million.

For the third year in a row, TGH paid a dividend of over $10 million to its shareholder, Waikato Raupatu Lands Trust.

The chief executive, Mike Pohio, says with property revaluations set to slow, what will count in the next couple of years that it can get for its existing investments.

MAORI POLICY AIMED AT UNDERCLASS

National's leader says Maori will benefit from policies his party is developing to address the growing underclass.
John Key says the party is still finalising its Maori policy.
It wants to deliver better outcomes in areas like health and education, where Maori are often in a lowe socio-economic group which gets a rough deal.

"And you're going to see a couple of announcements from me soon which aren't specific for Maori but go back to tackle that issue of the underclass and I think we've got to accept there are in that group there are a significant number of our Pacific Islanders and Pakeha and a whole lot of other ethnicities, but a reasonable number of Maori in that group, and they're quite exciting things that I think can make a difference, positive, and i think they can be a changing dynamic over time," Mr Key says.

National is still considering whether to include work for the dole in its policies.
 
HENI MATEROA SUNDERLAND LAID TO REST

Whanau on the East Coast are mourning the death of Heni Materoa Sunderland.

The Turanga kuia died earlier this week in Manutuke at the age of 91 and was laid to rest after a service at Whakatoa Marae today.

Parekura Horomia, the MP for Ikaroa Rawhiti, says Mrs Sunderland was an important part of most of the Maori groups on the East Coast, including the Maori Congress, the Maori Council, the Wardens and the Maori Women's Welfare League.

She was a major contributor to Maori affairs policy in the 1970s and 80s, as well as upholding the culture through her work restoring marae such as Rongopai in Gisborne.

TOUGH TIMES COMING FOR TAINUI

Tainui's commercial arm is battening down the hatches for tough economic times.

Tainui Group Holdings today announced profits had dropped 20 percent to $52.4 million for the year to March 31, but total assets, including fisheries, grew by $118 million to $496 million.

The chief executive, Mike Pohio, says once the company completes its development of The Base retail development at Te Rapa, assets will total well over $600 million.

He says revaluations contributed less than last year, but the five year rent reviews on most of its major properties meant more cash was coming in.

"Those property revaluations are beneficial but we know that they won't continue. We've had the benefit of those over the last three years, and that's been fantastic in terms of providing us with leveraging capacity.

We've borrowed $80 million. We're now looking to borrow another $120 million. So largely those property revaluations have put us in that position," Mr Pohio says.

Tainui Group holdings has paid its shareholder, the Waikato Raupatu Lands trust, a 10,5 million dollar dividend which will be used for marae, education and kaumatua grants.
 
KOHA PUT BEFORE FOOD FOR SOME WHANAU

An health researcher has found more than a third of Maori families run out of food because of a lack of money.

Delvina Gorton, from the Auckland University's clinical trials research unit, is collaborating with the University of Canterbury, Wellington school of medicine and Te Hotu Manawa Maori on a project looking at food security.

She says about 20 percent of New Zealand household with children says they don't have enough money to eat properly.

For Maori, income is only part of the issue.

"Things like having to give koha to tangi, family, to whanau, larger household sizes which created additional costs. There are also issue around access to land, loss of land and therefore the loss of use of the land as an economic base or to grow food and there are also issues around abuse of fisheries, pollution, so there is not access to kaimoana for Maori to access food that way" Ms Gorton says.

Maori can foster food security through strong whanau networks and community support.
 
CONTINGENT LEADING FOR PAGOPAGO FESTIVAL

About 130 Maori and New Zealand Pasifika artists are packing their bags for the 10th Festival of Pacific Arts, which starts in Pago Pago this weekend.

Muriwai Ihakara, the manager of Maori arts at Creative New Zealand, says the delegation will represent both Maori customary and contemporary art.

He says the festival involving 28 Pacific nations offers a chance to build whanaungatanga and encourage people to retain their cultural traditions.