Demerged trans-Tasman entity Tower Limited has reported strong operating earnings growth for the financial year ended September 30, in line with forecasts.

Net profit after tax was $NZ63.5 million ($55.2 million), up 55% on the previous financial year.

Tower’s New Zealand businesses reported an after-tax profit of $NZ33.8 million ($29.2 million), up 36% from $NZ24.8 million ($21.4 million) in the 2005 year.

All NZ businesses increased their profits over the prior year, with health and life up 47% to $NZ19.1 million ($16.5 million), general insurance up 14% to $NZ7.9 million ($6.83 million) and Tower Investments up 39% to $NZ6.8 million ($5.8 million).

Tower Australia reported an after-tax profit of $NZ48.7 million ($42.1 million), up 45% compared with $NZ33.7 million ($29.1 million) for last financial year.