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Insurer and fund manager Tower posted a 17 per cent rise in full year net profit after tax to $40.5 million.
But total revenue from continuing operations for the year to September fell 5.5 per cent to $454.8m, and profit before tax fell to $38.5m from $44m. The latest year's final result was boosted by a $2m tax credit.
The company said its result was underpinned by growth in its Health & Life and General Insurance businesses. The profit continued Tower's strong performance since the separation of its New Zealand and Australian businesses.
Chairman Tony Gibbs said the outlook for Tower was positive, despite softening economic conditions, with the company in a strong position in the life and general insurance markets.
The profit on disposal of the Australian business in 2007 had been treated as a discontinued operation, therefore net profit after tax including discontinued operations fell 82.6 per cent to $40.5m from $233.3m.
A fully imputed after tax dividend of 8 cents per share is to be paid.
- NZPA
