NZ Stocks: Tower faces grilling over poor result

Tower's executives are likely to face a grilling on Thursday when they front up to shareholders to announce the reality behind last month's profit warning.

Analysts had been forecasting a profit of up to $70 million and the market was shocked when the company instead pointed to a $30 million to $40 million loss.

Tower has blamed the poor result on its Australian operation.

UBS Warburg director of research Richard Leggat said Tower would have to convince shareholders it was a viable company.

Auckland City Council's plan to sell its lucrative 25 per cent share in Auckland International Airport will also be a focus of attention this week.

The sale is being marketed by First NZ Capital in a "book build" operation but it is not clear whether the price is going to be high enough to satisfy the council.

The council will make its decision at a meeting on Thursday.

Interest is said to be high and has been coming from major overseas markets such as Australia.

Paramount Property Trust is scheduled to list on Wednesday.