A little more than a year down the track, the break-up of the Tower Group into the Australian-based Tower Australia Limited and the New Zealand-based Tower Limited appears to have paid dividends on both sides of the Tasman.
With Tower Australia Limited earlier this week reporting a 29 per cent increase in net profit to $40.7 million, New Zealand’s Tower Limited today reported a 23 per cent increase in net profit to $NZ34.6 million.
Tower Limited chief executive Rob Flannagan described the result as reflecting a year of steady progress towards rebuilding Tower as a robust and sustainable business.
“This result is in line with our expectations and Tower is now in a strong position to achieve further growth in the coming months,” he said.
The company’s chairman, Tony Gibbs, said Tower’s overall net profit after tax had been $NZ232.6 million as a result of the substantial profit earned from the successful separation from the Australian business.
