MAA says Takaful, unit trust divisions continue to be profitable

MAA says Takaful, unit trust divisions continue to be profitable
Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 28 August 2013 18:41

KUALA LUMPUR (Aug 28): MAA Group stated today its Takaful and unit trust management divisions had been profitable for the first quarter and first half of this current financial year.

In a letter to the Edge Online, MAA’s group managing director Muhamad Umar Swift said a report carried by theedgemalaysia.com yesterday contained inaccuracies.

The online report entitled “MAA blamed cumulative loss on losses contributed by most of its divisions” was published after MAA released its quarterly results.

In the letter, Muhamad said that under the Review of Group Performance in MAA’s quarterly results yesterday, the company explained that the loss before tax for 2Q13 of RM16.6 million arose mainly from its overseas general insurance company in Indonesia, which recorded a loss before tax of RM13.4 million.

MAA also further explained that the profit before tax of 2Q12 of RM22.6 million was mainly due to a gain of RM30.1 million recognised from the receipt of a held back sum from the sale consideration of MAA upon a condition precedent to the sale and purchase agreement.

MAA’s remaining major businesses, Takaful and unit trust management, continue to record profits in 2Q13 and 1H13, he said.

The error is regretted and The Edge Online has since unpublished the report.