MNRB Q2 pre-tax profit rises to RM56.74 mln

MNRB Q2 pre-tax profit rises to RM56.74 mln
Business & Markets 2013
Written by Bernama
Thursday, 28 November 2013 20:17

KUALA LUMPUR (Nov 28): MNRB Holdings Bhd's pre-tax profit for the second quarter ended Sept 30, 2013, rose to RM56.74 million, from RM48.81 million recorded in the same period last year.

Revenue increased to RM599.50 million for the period under review, from RM568.36 million previously.

In a filing to Bursa Malaysia, MNRB said the higher revenue was due to the increase in gross premiums and contributions by all three key operating subsidiaries.

In a separate statement, MNRB said its net profit was up by 76.6 per cent or RM29.2 million, to RM67.3 million for the six months period, compared with RM38.1 million recorded in the same period last year.

It said the stronger performance was largely contributed by the improvement in the underwriting results of its reinsurance subsidiary, Malaysian Reinsurance Bhd.

During the period, the Group's total assets grew by 8.5 per cent to RM6.12 billion, from RM5.64 billion as at March 31, 2013.

MNRB President and Group Chief Executive Officer Mohd Din Merican said, "We are pleased with the first six months results, which are a testament that the strategies and efforts we have put in place, are now bearing fruits on a Group basis."