Friday, October 28, 2005

Ngapuhi doubles profit

Te Runanga o Ngapuhi declared a $2.6 million profit for the year ended June 30, compared with $1.23 million the previous year.

Auditor Steve Bennett said that represented a margin of 22 percent.

I haven't seen the full report - not available on the site yet - and the reporting in the Northern Advocate is particularly informative, so it's hard to make meaningful comparisons.

The result does not include the $67 million in assets, including $3.8 million cash, transferred to the runanga this month as Ngapuhi's share of the fisheries settlement.

I understand a lot of the revenue comes from the fisheries joint venture, which paid a dividend of about $1.8 million. There are also some government contracts and the return of investments, which come from fisheries earnings accumulated over the past five years.

The last year under the previous management regime there was a $800,000 deficit, so it is a substantial achievement.

Running costs for the runanga are about $1 million a year, although there could be some extra costs this past year around the need to build up membership numbers and pass the tests required to receive the settlement allocation.

Including the settlement cash, Ngapuhi now has about $7 million in cash or investments.

More once I get the result.


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