November 20, 2014
Waipareira moves into profit
West Auckland social service provider Waipareira Trust is celebrating a boom financial year.
It recorded a net surplus of $370,000, a $1 million turnaround from a year ago, and increased total assets by 5 percent to $29 million.
Trust Chief financial officer Christine Wu says it’s now debt free.
She credited much to the turnaround in recent years to the management of John Tamihere, who returned to the trust in 2006 after being ousted as a Labour MP.
At the time it had racked up debt and was operating at a loss.
The Waipareira group now includes five entities which share back office services.
Group revenue increased 16.5 percent from $13.9 million to $16.2 million, mainly due to winning the contract to run the North Island Whanau Ora commissioning agency, Te Pou Matakana.
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