Tower NZ lifts half-year profit by 32%
New Zealand-based Tower Limited has announced a $NZ26.6 million ($21.1 million) net profit for the half year to March 31, up 32% on the corresponding period last year.
Lower investment returns squeezed the health and life business, with net profit down 9.8% at $NZ13.8 million ($10.9 million).
Net profit from general insurance rose 18% to $NZ9.4 million ($7.5 million), with key ratios showing notable improvements.
The investments business saw profit after tax in line with the same period last year at $NZ2.3 million ($1.8 million). Lower fee income was offset by reductions in expenses.
The Tower name is used by separate businesses in Australia and NZ following a demerger in 2006.
Tower Limited, the NZ business, is listed on the NZ and Australian stock exchanges while Tower Australia is listed on the Australian stock exchange.
Lower investment returns squeezed the health and life business, with net profit down 9.8% at $NZ13.8 million ($10.9 million).
Net profit from general insurance rose 18% to $NZ9.4 million ($7.5 million), with key ratios showing notable improvements.
The investments business saw profit after tax in line with the same period last year at $NZ2.3 million ($1.8 million). Lower fee income was offset by reductions in expenses.
The Tower name is used by separate businesses in Australia and NZ following a demerger in 2006.
Tower Limited, the NZ business, is listed on the NZ and Australian stock exchanges while Tower Australia is listed on the Australian stock exchange.