New Zealand based insurer Tower Ltd., recently delighted investors and analysts by posting a much better than expected complete year earnings report, for the year up-to September 30. The report, in addition to beating analysts' expectations, also led to the company's shares hitting a 5 month high in Wellington trading.
For the aforementioned period, the firm posted net earnings of NZ$50.1 Million, or 24.3 cents per share, a substantial rise from the NZ$40.5 Million, or 20 cents per share, worth of earnings reported for the same period last year. 7 analysts polled by Bloomberg had predicted net profit of 21 cents per share, but the actual figures have managed to beat this by a good margin.
According to the company's Chief Executive Officer Rob Flannagan, Tower's main benefits came after it managed to raise NZ$163 Million this year to effectively bring down the level of its debts and strengthen its balance sheet.
Shares of the firm rose by as much as 12 cents, or 6.6%, to NZ$1.94, post the revelation of the report.
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