Tower FY profit jumps 67 percent , to return $120M to shareholders; shares jump

Wed, 28 Nov 2012

Nov. 29 (BusinessDesk) - Tower, the insurer that’s 34 percent owned by Guinness Peat Group, posted a 67 percent jump in full-year profit and said it will return $120 million to shareholders after the sale of medical insurance business. The shares climbed 4.2 percent as the market opened. Profit rose to $55.8 million in the 12 months ended Sept. 30, from $33.4 million a year earlier, the Auckland-based company said in a statement. Revenue from ordinary activities rose 23 percent to $483 million. Profit is within the guidance of $51 million to...

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