The steep fall in Tourism Holdings' share price over the past year has hit the results of the South Island's Ngai Tahu tribe.
Nearly three years after it received a $170 million settlement from the Government, Ngai Tahu's investments in fishing, forestry, property and tourism have returned anet $5.3 million profit.
The result would have been much higher if the tourism sector had had a better year. Revenue for the year was $106.1 million, almost double that of last year on a like-for-like basis.
The tribe's latest annual report shows nearly half of its earnings came from fisheries activities, with a further third coming from property investments, including the courts complex in Christchurch and several police stations.
Nearly a fifth of its funds are tied up in tourism assets.
In February, it increased its stake in listed tourism company Shotover Jet to 80 per cent. It also owns a 43 per cent stake of Whale Watch Kaikoura and a "substantial share" of listed tourism operator Tourism Holdings.
The fall in Tourism Holdings' share price, resulted in an overall loss of $1.2 million in the tourism sector.
Its 20 per cent stake in Ryman Healthcare has proven more lucrative - its original investment of $7.5 million four years ago was valued at the end of June at $40 million.
Its other investments include tree-seed supplier Proseed, bought from the Government in July, and a quarter share of a company which markets Saxon sheep fibre.
Other investments include Dillons Point Properties, which owns six vineyards near Blenheim.
In the report, the tribe notes its concern that the allocation of $800 million of fisheries assets remains locked up.
A report commissioned by the Treaty Tribes Coalition last year concluded that $1 million worth of Maori wealth was being destroyed each month by the delay.
