A fall in the value of New Zealand's largest Maori-owned fishing company has seen Ngati Kahungunu experience its first drop in equity in 18 years, but it has still made a profit.
A re-valuation of the iwi's shareholding in Aotearoa Fisheries (AFL) saw its equity fall nearly $6 million to $57.1 million. "This is not related to the financial performance of Ngati Kahungunu or of our Asset Holding Company, which actually recorded a before tax profit of $3.2 million," Ngati Kahungunu Iwi Incorporated chairman Ngahiwi Tomoana said.
"This re-valuation of our AFL shares has resulted in a deficit which is a result of the poor performance of AFL and its 50 per cent stake in the Sealord Group."
Sealord Group recorded a loss in 2013 of more than $44 million in its Argentina subsidiary Yuken. Sealord has left the Argentinian market.
Ngati Kahungunu is one of the largest shareholders in AFL.