Written by The Edge Financial Daily
Wednesday, 18 November 2009 22:30
KUALA LUMPUR: JERNEH ASIA BHD [] posted a net profit of RM14.16 million in its third quarter (3Q) ended Sept 30, 2009 versus a net loss of RM506,000 a year earlier on the back of a 19.5% rise in revenue to RM68.67 million from RM57.46 million.
Basic earnings per share (EPS) stood at 7.84 sen versus a loss of 0.28 sen a year earlier. It declared an interim dividend of three sen per share less tax.
For the nine-month period, its net profit rose more than sixfold to RM21.4 million from RM3.38 million due to an increase in investment income and lower share of losses from associate companies. EPS rose to 11.84 sen from 1.87 sen.
Revenue rose 8.8% to RM182.11 million from RM167.43 million due to the higher gross premium written and better results recorded by its subsidiaries.
At pre-tax level, Jerneh's profit rose to RM20.71 million from RM4.7 million in the preceding quarter.
Jerneh said its subsidiaries were on track to meet their respective forecasts, but associate companies in the Philippines continued to face pressure from soft rates and the influx of claims as the result of the typhoons that hit the country last month. The claims will, however, be mitigated to a large extent by reinsurers, it said.