TWR HY profit up 5.9%
Tower Limited (TWR) reported a 5.9% increase in net profit to $27.9 million for the six months to 31 March 2010, compared to the previous corresponding period. The company said the strong result reflected good performances by all three of its businesses, which includes Health & Life, General Insurance and Investments.
Revenue for the period rose 30.4% to $288.9 million.
Tower said recognising this performance, it has decided to pay its first interim dividend since July 2002. The company declared a fully imputed dividend of NZ4c per share to be paid on 2 July.
Managing director, Rob Flannagan, said the company’s liquidity position is very strong with around $NZ150 million of cash balances at 31 March and a gearing ratio of 16.2%.
”This places TOWER in a great position to act quickly on expansion opportunities which arise,” Mr Flannagan said.
”We have investigated several opportunities in the past few months and continue to do so.”
At the close of trade Thursday, Tower shares were trading at $1.43.
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