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33% Profit Increase for Tainui Group Holdings

News Release

Friday 17 June.

33% Profit Increase for Tainui Group Holdings

Tainui Group Holdings has announced a profit increase of 33 per cent for the year to 31 March 2005.

The Group has reported a net profit of $21 million ($15.8 million) and an operating profit before asset realisations of $12 million ($9 million).

Announcing the result, Chairman John Spencer and Chief Executive Steve Murray said the company continued to make solid progress.

Mr Spencer said the board and management team are now three years into a five year strategy to rebalance the company's asset portfolio in line with clearly established criteria.

"The $12 million Net Operating Profit for the 2005 year reflects a very disciplined approach and continues the strong trend path."

The increase underscores the company's drive for sustainable, long term profit growth through a diversified portfolio.

"It is pleasing to note that the company has been able to increase the dividend it pays to its shareholder, the Waikato Raupatu Trustee Company Limited, from $5.4 million last year to $7.5 million this year."

Looking ahead, Mr Spencer said that the sale of surplus and non-performing assets was now complete and the Company needed to concentrate on continuing to improve its operating profit.

Chief Executive Steve Murray said that the company had initiated its portfolio diversification program with investments in the New Zealand equities and fixed interest markets.

He said the year had also marked the beginning of some of the company's more ambitious land development projects which include The Base, a large retail development on the northern outskirts of Hamilton in a joint venture with The Warehouse Group.

Stage 1 of the $60 million Base development is due to be opened this July.

A number of major projects which were being developed during the 2005 year are now coming to fruition.

The company also recently announced that it planned to build a new Ibis hotel on a central city site in conjunction with its partners in the Novotel, Accor Group and Hamilton City Council.


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