Reuters logo
NZ's Tower cuts profit forecast on Christchurch
September 3, 2012 / 8:56 PM / in 5 years

NZ's Tower cuts profit forecast on Christchurch

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.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below