Whakatu business owners rewarded

Friday 26th January 2001

Nelson-based Wakatu Incorporation, a Maori-owned business run on conventional corporate lines, continued to perform comfortably, showing an after-tax profit to July 31 of $3.105 million, up 26.04%.

With profit $283,000 above budget, directors recommended a dividend of 10.25c, up on last year's 9.25c, to its 3200 shareholders, all direct descendants of original land owners.

Claiming net assets of $80.75 million Wakatu's investments are spread over fishing, forestry, dairy farming, horticulture, wine, residential subdivision, commercial development and the sharemarket.

Wakatu is on the verge of entering the tourist trade with a concept plan for a 160- room resort development at Marahau, at the southern end of Abel Tasman national park.

Describing the year as "highly successful" chairman Steve Marshall said Wakatu continued to diversify its interests while consolidating existing investments.

Mr Marshal said highlights of the year included the third consecutive year of profit in horticulture; a successful start-up for a joint-venture mussel-processing factory in Picton; the beginning of claims to the Waitangi Tribunal; and a joint-venture dairy farm exceeding targeted production levels.

Wakatu's claim for past losses on Maori reserved land as a result of perpetual leases remained unsolved. Various risks were emerging in the seafood industry, section sales at The Glades subdivision in Richmond had slowed and applications for scholarships were less than half of the previous year.

Mr Marshall said investment in the Picton plant and an application for water space for mussel farming reflected a "bright and long future." - Jock Anderson

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