Tower full-year profit, swelled by assets sales, falls 38 percent

Mon, 25 Nov 2013

Nov. 26 (BusinessDesk) – Tower, which sold its health, life, and investment units to become a pure general insurer, posted a 38 percent drop in full-year profit even as it booked a gain from the sales, as expenses growth ran ahead of revenue. Profit was $34.4 million in the year ended Sept. 30, from $55.8 million a year earlier, the Auckland-based company said in a statement. Sales rose 8.4 percent to $283 million after year-earlier revenue was restated lower to reflect discontinued operations. Profit from continuing operations was squeezed...

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