Tainui Group Holdings Ltd and Waikato Tainui Fisheries made a net surplus of $34.1 million in the year ended March 31 following a $27 million deficit in 2009.The loss last year came after asset writedowns, while this year total assets increased by 6.5% to
Tainui Group Holdings Ltd and Waikato Tainui Fisheries made a net surplus of $34.1 million in the year ended March 31 following a $27 million deficit in 2009.
The loss last year came after asset writedowns, while this year total assets increased by 6.5% to $530 million.
The manager of the commercial assets of the Waikato-Tainui people has a wide range of investments, including The Base retail complex at Te Rapa.
Tainui Group chief executive Mike Pohio spoke more about potential for an inland port and commercial hub on the 500 hectares of land the group owns around the Agriculture Research campus at Ruakura.
"Like The Base, it would be a regional facility. Both Auckland and Tauranga are going to run out of space next to rail and highways over the next decade trying to cope with the flow of exports and imports in the upper North Island.
"With Ruakura, Hamilton not only has the space and the workforce, but can also capitalise on its rail link through the site and the planned Waikato Expressway down its eastern border."
Mr Pohio is a former container terminal manager at the Port of Tauranga Ltd. He has also worked for Fonterra.
Mr Pohio said that in the past six months Tainui Group had examined models in Australia and the United States.
"We've also commissioned a detailed economic study into the concept, and gathered data on all trade flows into and out of the upper North Island.
"A full business case now needs to be developed, so the next three to four years will see intensive planning for Ruakura," he said.
The company is paying its Waikato-Tainui shareholder a $10m dividend. Its operating profit of $15.6m increased from $3.7m in 2009.
Tainui Group chairman John Spencer said the organisation was very pleased with its latest result.
"We've made substantial progress on our key development projects, and finished the year in a strong financial position," he said.
The operating cash flow for 2010 was just over $21 million up from the $16 million last year.
He said the wider community must benefit from Tainui Group's activities.
"Our two main projects under way this year are good examples. The new mall at The Base retail centre in Hamilton will see a total injection of nearly $120m into the Waikato economy.
"And the new Tainui Hotel at Auckland International Airport is a $65 million investment."
Mr Spencer said the Mall, which has been named Te Awa (The River), opens for business tomorrow, and will have given construction work to 500 people by the time it's finished.
Mr Spencer said the group expected a relatively steady outlook for both earnings and asset values.
