Tuesday, November 30, 2010

Kurnia Asia swings into losses in 3Q

KUALA LUMPUR: KURNIA ASIA BHD [] swung into the red with net losses of RM3.74 million in the quarter ended Sept 30, 2010 as it was impacted by higher management expenses while there was an underwriting deficit.

The insurer said on Tuesday, Nov 30 the net losses were in contrast of RM32.21 million net profit in the previous corresponding period. Revenue was RM300.61 million compared with RM254.96 million. Loss per share was 0.25 sen versus earnings per share of 2.16 sen.

Kurnia Asia said there was larger management expense of RM45.46 million compared with RM41.97 million a year ago.

There was an underwriting deficit of RM29.47 million compared with an underwriting surplus of RM3.68 million a year ago.

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