Tower in black in NZ
Movements in the discount rate has helped New Zealand-based Tower Limited to register a 32 per cent increase in net profit for the six months to March 31 to NZ$26.6 million.
The company acknowledged that the result had been materially impacted by the non-cash effect of moments in the discount rate, which it said had added NZ$5.1 million to profit for the period.
Much of the improvement in the company’s result was driven by its general insurance business, which registered a nearly $2 million increase in net profit.
Commenting on the result, Tower Group managing director Rob Flannagan said it was pleasing considering the global recessionary environment.
“Recent months have seen seismic shifts in financial markets globally and we have experienced market conditions the likes of which the world has not seen for 50 years,” he said.
AUTHOR
Mike Taylor
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