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Tower full year profit up 16pc to $NZ58m

On Friday 26 November 2010, 11:20 EST

Tower Ltd reported a 16 per cent rise in net profit to $NZ58.1 million ($A45.1 million) for the year to the end of September.

Good growth was reported by the Health & Life and General Insurance businesses, while Investments reported a lower profit reflecting significant restructuring expenses and tighter margins, the company said on Friday.

Revenue rose 17 per cent to $NZ604.6 million ($A469.36 million), while total equity increased to $NZ441.3 million ($A342.58 million) from $NZ404.4 million ($A313.94 million).

Net asset backing per share increased to $1.69 from $1.59, and gearing -- debt to debt plus equity -- improved to 15.4 per cent from 16.5 per cent, Tower said.

A fully imputed final dividend of 6c per share is to be paid, taking the total dividend for the year to 10cps cents, up 11 per cent from last year.