NZ's Tower cuts profit forecast on Christchurch
WELLINGTON, Sept 4
WELLINGTON, Sept 4 (Reuters) - New Zealand insurer and fund manager Tower Ltd. on Tuesday expected lower net profit this year to provide for more payout because of the Christchurch earthquake.
The company said market expectations of its net profit after tax should be reduced by NZ$9.4 million to take into account rises in claims provisions relating to 2011 quake.
"This equates to a one-off impact of 3.5 cents per share," it said in a statement.
In addition, the company said it had concluded a strategic review of the company that began earlier this year and expected to be able to provide further information next week.
- Colorado baker discriminated by denying gay couple wedding cake: judge
- Flights delayed as air pollution hits record in Shanghai
- Amish girl in Ohio will not be forced to resume chemo for cancer
- WTO overcomes last minute hitch to reach its first global trade deal
- South Africa mourns Mandela, will bury him on December 15 |