The asset base of one of the country's biggest Maori businesses is up $3 million, from rising land valuations and a new farm purchase.
Tauhara North No 2 Trust, listed fifth on the Deloitte top nine Maori business entities, declared assets of $317.8 million for the year to June 30, 2014, up on 2013's $314.5 million.
Trust chief executive Aroha Campbell and chief executive of Ringa Matau (the trust's commercial subsidiary) Kevin McLoughlin, said land values had risen and a 900ha sheep and beef farm has been bought at Te Whaiti in the latest period.
"It's being converted into dairying," Campbell said, adding that the trust aimed to triple its contributions to owners in the next 10 years.
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It owns 1948ha of land between Rotorua, Taupo and Te Whaiti, some of it used for geothermal power productions. But the trust has assets of about $500 million because royalties of more than $200 million were not included in the statement of financial position.
The trust was formed to own and manage three blocks of land granted after a court ruling in the 1800s. Today's owners are the descendants, 663 individuals and whanau trusts.
The trust made grants worth $934,000 for health and education in the latest financial year, plus a further $1 million to youth programmes.