Half-year net profit at insurer and fund manager Tower fell 54 per cent to $NZ12.8 million ($9.72 million), with the result including the impact of earthquakes in Christchurch and a loss due to changes in the global investment market.
Excluding the earthquake costs and discount rate movement, the company today said its after tax profit for the six months to March 31 were $NZ26.2 million, compared to $NZ27.7 million a year earlier.
