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Location: Auckland, New Zealand

Thursday, July 29, 2010

Tainui turns $34m profit

Land revaluations and returns from residential property sales have lead to a $16 million turn around in the fortunes of Waikato Tainui.

Tainui Group Holdings has ridden out the recession and last night opened the first stage of its $120 million Te Awa Mall development at the Base in te Rapa.

Last year the global financial crisis knocked the value of Tainui’s property portfolio and forced it to curtail housing development, resulting in a $27 million loss.

In the year to March 31 it turned that around, booking a $34.1 million profit.

More importantly, net operating profits improved from $11.9 million to $15.6 million, allowing it to comfortably pay a $10 million dividend to its Waikato-Tainui shareholder.

The fully-tenanted mall was opened last night by Prime Minister John Key, and stages two and three, which include a digital cinema complex, will be completed over the next 18 months

Chief executive Mike Pohio says income is stable, giving the tribe a solid base for development.

FIRST READING OF UPPER WAIKATO RIVER SETTLEMENT BILL

The chairman of Ngati Raukawa Settlement Trust Chris McKenzie says agreement to co-manage the Waikato River has brought iwi along the river together.

Mr McKenzie says the first reading of the Ngati Tuwharetoa, Raukawa and Te Arawa River Iwi Waikato River Bill in parliament last night (Wednesday) was hugely significant for the tribes’ kaumatua, many of whom traveled to Wellington for the occasion.

“The treaty process is a divisive process and in many instances tribes have to prove boundaries and once you start talking about boundaries you are buying into a fight. We’ve been very pragmatic in this settlement and we’ve said let’s not talk about boundaries from the beginning, let’s make the focus the river, and that’s why we’ve been successful,” Mr McKenzie says.

The bill which follows earlier agreement between Waikato-Tainui and the Crown will allow the clean-up of the river to proceed in haste.

NGATI POROU STILL FEEL LEFT OUT IN OIL EXPLORATION TALKS

A Ngati Porou kuia says the East Coast iwi is still riled at continued lack of Government consultation over a mining application for the East Cape area from Whanarua Bay to Waiomatatini.

E kii ana a kuia Sue Nikora o te Tairaawhiti...ko te rohe moana o Raukumara ano he tauira o nga tikanga a te Kaawanatanga:

TAINUI PLANNING INLAND PORT FOR RUAKURA LAND

Tainui Group Holdings has unveiled ambitious plans to develop an inland port on land it owns at Ruakura.

The plan comes as the tribe is showing momentum as it moves out of difficult financial times.

Last night Prime Minister John Key cut the ribbon on the first stage of TYe Awa, a $120 mall at The Base in Te Rapa.

The rents will further boost the Tainui Group Holdings balance sheet, which in the year to March 31 showed a $34 million net profit compared to a $27 million loss the previous year.

Chief executive Mike Pohio says once the development of the tribe’s land on Hamilton’s northern fringe is complete, its focus will shift to the southeast.

He says the tribe’s 400 hectares at Ruakura lie at the junction of the planned Waikato Expressway and the Hamilton-Tauranga rail line.

That makes it ideal for an inland port surrounded by warehouses and light industry.

Target date for the development is 2018.

SPENCER WAIHEKE DEVELOPMENT PLANS RULED OUT

Waiheke Island Maori are thrilled at an environment court decision stopping building on a site they see as sacred and ecologically significant.

The decision overturns permission the Spencer family had from Auckland City Council to erect two houses as part of their Man o' War vineyard at Owhiti Bay on the eastern tip of the island.

Piritahi marae committee chairman Wally Manahi says it was a hard fought victory.

“Hopefully this will stop all these people from trying to build on our urupa and all thatm” he says.

The site is one of many the iwi has been fighting to have protected.

PUBLIC WORKS ACT JUST ONE WAY LAND WAS TAKEN

With the failure of Wairiki MP Te Ururoa Flavell to win enough support for his private bill amending the Public Works Act, a long serving secretary of the Tuhoe Maori Trust Board says that wasn't the only way Maori lost their land over the past century, and a raft of other legislation was just as damaging.

Hai taa te tiamana o mua o te Poari Maori o Tuuhoe a Tama Niikora...
kaua e pooheehee ko te Ture Mahinga Haapori anake te puutake o te raruraru:

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