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MAA 2Q sinks into the red with RM15.8m loss
by Cals Tue 27 Aug 2013, 20:46
MAA 2Q sinks into the red with RM15.8m loss
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Tuesday, 27 August 2013 19:08
KUALA LUMPUR (Aug 27): MAA Group Berhad sank into the red with a RM15.8 million loss for the second quarter to June 30, versus profit of RM24.78 million in the second quarter in previous year.
Nevertheless, 2Q revenue rose 11.4% year-on-year to RM158.9 million from RM142.7 million.
In a statement to the exchange, the investment holding company said under the conventional insurance business, the loss arose mainly from lower premium and higher net claims on fire class of business.
The revenue increase was attributed to operating revenue increases from the firm’s general insurance, general Takaful, family Takaful divisions, unit trust fund management division and the shareholders’ fund, it said.
Meanwhile, a cumulative 1H FY13 results recorded a loss of RM23 million from profit RM36.6 million a year earlier, while revenue climbed 14% y-o-y to RM290.5 million versus RM254.7 million.
MAA blamed the cumulative loss on losses contributed by most of its divisions.
Going forward, the group foresees challenges in its general insurance operations in Indonesia, specifically performance and business viability.
On its PN17 status, its board said its intention is to maintain the listing status of the group.
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Tuesday, 27 August 2013 19:08
KUALA LUMPUR (Aug 27): MAA Group Berhad sank into the red with a RM15.8 million loss for the second quarter to June 30, versus profit of RM24.78 million in the second quarter in previous year.
Nevertheless, 2Q revenue rose 11.4% year-on-year to RM158.9 million from RM142.7 million.
In a statement to the exchange, the investment holding company said under the conventional insurance business, the loss arose mainly from lower premium and higher net claims on fire class of business.
The revenue increase was attributed to operating revenue increases from the firm’s general insurance, general Takaful, family Takaful divisions, unit trust fund management division and the shareholders’ fund, it said.
Meanwhile, a cumulative 1H FY13 results recorded a loss of RM23 million from profit RM36.6 million a year earlier, while revenue climbed 14% y-o-y to RM290.5 million versus RM254.7 million.
MAA blamed the cumulative loss on losses contributed by most of its divisions.
Going forward, the group foresees challenges in its general insurance operations in Indonesia, specifically performance and business viability.
On its PN17 status, its board said its intention is to maintain the listing status of the group.
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