According to this
The U8150 is selling in the Phillipines for 8,800 pesos which through XE.com works out to $NZD260. Pricespy is showing the same unit is available locally for $280ish if you shop around, so the price isn't too far out.
Hopefully, if 2Degrees is buying in bulk, they can negotiate a bit. The Philippines also has a VAT rate of 12%. Plus, as Huawei are the manufacturer and Cherry are just rebranding the phones, Cherry will be putting their own mark up on them as well.