Insurance provider Tower Australia (ASX:TAL) shares fell 7.3% to today, after the company announced a 32% decrease in full-year profit.
The company recorded a post-tax profit of $46.4 million, in a decline that it attributed to “investment market impacts and non cash items including higher amortisation charge.”
But Tower said its underlying profit grew at a strong 10% to $74.5 million, and revenue was up across all its activities.
TAL shares are currently trading at $3.04, down from a daily high of $3.30.
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