Tower Australia posts $17 million half-year profit
In its maiden results announcement since separating from Tower’s New Zealand operation, Tower Australia has reported a net profit of $17.1 million for the half-year ending March 31, 2007.
Tower Australia managing director Jim Minto said: “The separation has gone really well, as has the Prefsure integration, and we are announcing that the directors are proposing to pay a dividend for the full year, which will be formally considered at the end of the year.”
Operating earnings for the six months came in at $21.6 million, which represented a 16 per cent increase on the equivalent figure for the corresponding period last year.
On the investment side of the business, total funds under administration for the half-year grew by 6.8 per cent, finishing the period at $3.6 billion. This included net fund inflows of $151.7 million for Tower Australia’s modern platform Beacon.
In regard to moving forward, Minto said it was still the company’s aim to outgrow the market by a rate of 10 per cent.
“We believe we’re well positioned with good diversified channels underpinning the business, which helps insulate us from market movements and intense price competition. This is a good industry and Australians are getting access to more and more cover,” he said.
Recommended for you
Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.
In this special episode of Relative Return Unplugged, we are sharing a discussion between Momentum Media’s Steve Kuper, Major General (Ret’d) Marcus Thompson and AMP chief economist Shane Oliver on the latest economic data and what it means for Australia’s economy and national security.
In this episode of Relative Return Unplugged, co-hosts Maja Garaca Djurdjevic and Keith Ford break down some of the legislation that passed during the government’s last-minute guillotine motion, including the measures to restructure the Reserve Bank into a two-board system.
In this episode of Relative Return Unplugged, co-hosts Maja Garaca Djurdjevic and Keith Ford are joined by Money Management editor Laura Dew to dissect some of the submissions that industry stakeholders have made to the Senate’s Dixon Advisory inquiry.
