Ngai Tahu Holdings has posted a 28% fall in profit, to $58.2 million for the year to June.
Last year's figures were boosted by a $63 million gain from selling nearly half its 12.5% stake in Ryman Healthcare.
Ngai Tahu saw a record operating surplus of $31.8 million; with its seafood arm making over a third of that due to higher prices and increases in some catches.
That offset a fall at its tourism division which suffered due to falling numvers from overseas.
