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Tower Australia reports 32% slide in annual NPAT

Tower Australia reports 32% slide in annual NPAT

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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Tags insurance2009 Financial ResultsTower Australia

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