Ngai Tahu launches review after poor year for honey and dairy units

Fri, 01 Nov 2019

A 76 percent plunge in annual profit for its commercial arm and challenging economic conditions has seen Ngai Tahu launch a wide-ranging review of its businesses. The South Island iwi posted a net profit of $37.5 million for the year ended June from $153.7 million the previous year and the latest profit is also lower than forecast because of a $57.1 million write-down of its Oha Honey unit, formerly known as Watson & Son. The manuka honey unit’s operating deficit before the write-down was $6.3 million. “Oha has been a challenging inves...

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