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The new Plymouth Council is ready to update on investment and the airport.

The new Plymouth District Council Controlled Organizations (CCOs) Committee is represented by New Plymouth PIF Gardens Limited (NPG), Papa Rayrangi Eye Pokitapo Limited (New Plymouth Airport) and Venture Taranaki Trust (VTT). Dates will be given.  (File photo)

Andy Jackson / Things.

The new Plymouth District Council Controlled Organizations (CCOs) Committee is represented by New Plymouth PIF Gardens Limited (NPG), Papa Rayrangi Eye Pokitapo Limited (New Plymouth Airport) and Venture Taranaki Trust (VTT). Dates will be given. (File photo)

Before the lockdown, the New Plymouth District Council’s financial nest was at an all-time high, a meeting will be announced this week.

The Perpetual Investment Fund (PIF) – used for rate reimbursement – stood at a record 34 346 million at the end of June, up 19 percent.

The fund has paid more than 23 238 million to the New Plymouth District Council (NPDC) since 2004, including 9. 9.1 million in the previous fiscal year.

The rise in the value of the fund was the result of the global economic recovery from Cove 19, the council’s investment arm, New Plymouth PIF Gardens Limited’s fourth quarter report, told the Council Controlled Organizations (CCOs) committee meeting.

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However, the report was put together before the restoration of the country’s Covid 19, and members will be updated on the current situation at the meeting.

They will also be updated at New Plymouth Airport, which managed to post a pre-tax net profit of 1. 1.059 million in the previous fiscal year – 43% higher than previously forecast.

The report from operating company Papa Rererangi i Puketapu Ltd (PRIP), which is wholly owned by the council, said the New Zealand domestic market had “performed better than expected”.

The total number of passengers for 2020/21 was 277,610 – 22%.

The report said that due to strong demand, Air New Zealand had planned to increase capacity.

About 15,000 seats were to be added in September, October and November, indicating that this will continue in the summer months.

“With the advent of the Covid 19 Level 4 lockdown, predictions will be needed again.”

The committee will also be updated on the work of the Venture Taranaki Trust, the region’s economic development agency.

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