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Maori dairy turns significant profit


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(Radio NZ) The new chair of Parininihi ki Waitotara Incorporation in Taranaki says says this year’s record profit indicates the organisation is on the right course.

PKW, which is the largest dairy farmer in the province, recently announced a net income of $11.6 million.

Hinerangi Raumati, the first woman appointed to chair the incorporation, says there are no plans to change direction in the short term.

She says the board went through a comprehensive planning process last year, which the 8500 owners subsequently endorsed.

Mrs Raumati says the incorporation farms about 2000 hectares of the 20,000 hectares of land it owns. The balance is in perpetual leases, mainly to dairy farmers.

She says the incorporation does have a long-term plan to buy back some leases, but that depends on the money it has available to spend.

Copyright © 2011, Radio New Zealand

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ki Waitotara Incorporation has bounced back from its disastrous foray into Australian property development to record a $3 million profit.

Chief executive Dion Tuuta says the turnaround came through improved rents on its 18,000 hectares of leased Taranaki farmland, good returns and better cost control on its own 13 dairy farms, a good result in its crayfish business and a 13-fold return on an investment in an American biotechnology company.

 

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