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Te Ohu Kai Moana Annual Report 2000/01

28 March 2002

Te Ohu Kai Moana today reported an after-tax surplus of $37.1 million for the financial year ending 30 September 2001, compared with $11.2 million for the previous year.

Te Ohu Kai Moana Chairman Shane Jones said the financial year was an excellent one for the Fisheries Commission and its subsidiaries, recording an operating surplus before tax of $45.4 million, up from $18.9 million last year.

“Te Ohu Kai Moana is very pleased with the results. Even though global trading conditions were mixed, we experienced strong growth in the first half of the financial year,” Mr Jones said.

The Annual Report was tabled in Parliament today by the Minister of Maori Affairs, Hon Parekura Horomia.

Distributions to the Te Ohu Kai Moana Charitable Trust for scholarships and other forms of assistance totalled $1 million, bringing total distributions to the trust to more than $7.2 million since its inception in 1994.

Te Ohu Kai Moana also implemented the Global Fisheries Programme, a prestigious scholarship worth $250,000 awarded to two Maori each year providing global experience in the seafood industry, and He Ture Pumau, a post-graduate law scholarship with Nelson-based law firm, Fletcher Vautier Moore.

Commissioners’ fees for the year under review were down to $883,000, from $943,000 the previous year.

Net assets for the year excluding minority interests, as per the Statement of Financial Position, totalled $450.6 million. This is up from $413.6 million for the previous financial year.

Mr Jones said Te Ohu Kai Moana currently holds $2.7 million as a result of continuing disputes between Iwi relating to the lease round. “There is still a significant amount of money held by the Commission that could be immediately available to Iwi following resolution of the respective disputes.”

Te Ohu Kai Moana continues to improve its position, currently holding 33 percent of New Zealand’s aggregate Total Allowable Commercial Catch, making it a major player in New Zealand’s expanding seafood industry.

ENDS

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