Ngai Tahu annual profit swelled by share sale, insurance proceeds

Tue, 07 Oct 2014

By Paul McBeth Oct. 8 (BusinessDesk) - Ngai Tahu Holdings, the commercial arm of the dominant South Island iwi, boosted annual profit 20 percent, with earnings swelled by $33.3 million of earthquake insurance proceeds and a $14.8 million gain on asset sales, which included a sell down of Ryman Healthcare shares. Net profit rose to $145.9 million in the 12 months ended June 30 from $121.8 million a year earlier, the company said in its annual report. Before tribal activities, such as distributions to the iwi, Ngai Tahu's trading surplus mo...

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