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Maori Fisheries Trust Reports $38.5m Profit

25 February 2006

Maori Fisheries Trust Reports $38.5m Profit

Te Ohu Kaimoana, the Maori Fisheries Trust, announced today an after-tax profit of $38.5 million for the 10 months ending 30 September 2005.

Board director Rob McLeod said the Trust reported a total operating revenue of almost $46.0 million and expenditure of $7.5 million.

Operating revenue predominantly consists of the sale of Annual Catch Entitlements (ACE) for the 1 October and 1 April fishing years and investment income.

Major contributions to the surplus were the receipt of tax refunds associated with the change in tax status from the former Treaty of Waitangi Fisheries Commission, and the increase in value of the AFL income shares held in trust for iwi.

Mr McLeod said that Aotearoa Fisheries Limited (AFL) reported a net profit after tax of $13.5 million. 20% is this is included in the Trust’s retained profits while the balance is added to the value of the AFL shares held in trust for iwi, and transferred to them when they become eligible..

AFL is not required to pay a dividend to its shareholders until Te Ohu Kaimoana has capitalised Te Putea Whakatupu Trust and Te Wai Maori Trust. Capitalisation is to occur on or before 31 October 2009.

He said the absence of litigation and a focus on using and developing Te Ohu Kaimoana’s own expertise has been the major contributors in the operating cost savings achieved.

In the first 10 months of operation, Te Ohu Kaimoana made significant progress towards transferring fisheries assets, with more than $100 million being transferred so far. Twelve iwi have now achieved MIO status.

ENDS

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